GO revenue grows by 9.9% to all-time high of €236 million in 2023

The telecoms company GO has registered an all-time high revenue of €235.9 million in 2023, up by 9.9%, with group profit of €15.5 million – an increase of 27.1% – driven by higher revenues that did not result in additional costs to acquire.

GO’s Chief Executive Officer Nikhil Patil described 2023 as “a transformational year for bringing our Purpose of Driving a digital Malta to life. We have been firing all cylinders to deliver record results and returns to our shareholders.

“We have transformed BMIT into Malta's first digital infrastructure company, continued investing in networks, technology, and startups, driving GO to become the fastest-growing communications company in Malta in 2023.”

The Group registered an all-time high consolidated revenue of €235.9 million, which equates to an increase of 9.9% over 2022. Reported EBITDA amounted to €88 million after accounting for €3 million of one-time expenses which translates into a normalised EBITDA of €91 million.

In Malta, GO Telecoms achieved total revenues of €139.4 million, an increase of €10.6 million or 8.2% over 2022. The strong revenue growth was driven by growth in fixed and mobile subscribers, higher levels of activity in international wholesale and sale of mobile handsets and bespoke technical solutions.

2023 was an equally positive year for the Group’s operating subsidiaries.

BMITT registered total revenues of €28.7 million, an increase of 10.1% over 2022. The company consolidated its market leading position in data centre operations, and registered strong revenue growth from the provision of cloud and managed services as well as from the sale of hardware and software licences.

Cablenet Communications Systems p.l.c., a quad play telecoms operator in Cyprus, registered another year of double-digit growth in revenues, which amounted to €74.4 million, 16.2% higher compared to 2022.  

The board is recommending a final dividend of €0.05 per share, which in addition to the interim dividend of €0.07 per share paid on 7 August 2023, brings the total dividend distributions for financial year 2023 to €0.12 per share.

Earlier this year, GO also distributed a special interim dividend of €0.15 per share following the successful completion of the sale of GO plc’s passive mobile infrastructure to BMITT plc, backed by an intercompany 30-year Master Services Agreement.

Over a 5-year period, GO plc paid in excess of €142 million in net dividends to its shareholders.

“GO’s history of being innovative in the products and solutions portfolio it brings to the market bodes well for our future. GO has once again proved its ability to turn challenges into breakthroughs, to invest in startup companies that complement our core business, and to create opportunities for growth and diversification,” said GO Chairman, Lassaad Ben Dhiab.

CEO Nikhil Patil said GO’s purpose was to drive a digital Malta “where no one is left behind.”

“Our relentless efforts in network expansion, with True Fibre and 5G coverage, underscore this commitment, that brought with it a multi-million investment. To date, over 305,000 homes, or 81.2% of households, are passed with the best and fastest True Fibre technology available on the market. 67,000 of these were passed in 2023 alone – a remarkable achievement in itself. By the end of this year, we would have achieved nationwide coverage for both True Fibre and 5G technology.”