GO has announced a strong financial performance, saying its targets have been met and recommending a 16c final net dividend for 2020, the highest dividend ever paid out to shareholders. 

During its annual general meeting on Friday, the company also said that earlier in May it submitted an application for admissibility to listing of a €60 million 2031 bond issue which will be available for subscription by GO shareholders on a preferential basis. The application was approved this week. 

Chairman Samir Saied said 2020 proved how vital GO’s constant investment in its digital infrastructure has ensured fast, reliable and resilient connectivity, allowing people to remain emotionally connected during times when physical and social interaction was limited.

“Like many other businesses, we had to be agile, innovative and responsive to keep people and businesses - connected to what matters most to them. We reacted swiftly to the pandemic, rolling out several customer-centric initiatives to ensure that everyone, even non-GO customers, remained connected.” 

Chief executive officer Nikhil Patil said that between 2016 and 2020, GO’s total shareholder return averaged 8.3% on an annual basis, equating to close to €104.5 in dividends paid.

He said that despite the significant drop in international roaming traffic due to the travel restrictions, which led to GO’s local telecommunications segment suffering a decline of 0.9% compared to 2019, the group still went on to generate revenue of €185.2 million, an increase of €7.4 million over the comparative year and a profit before tax of €20.9 million. 

GO welcomed 5300 new broadband customers and 9,500 mobile customers giving it the biggest market share in Malta.

GO has also commissioned a detailed study to assess its current carbon footprint and based on the outcomes, it was committing to reduce total emissions by 21% by 2024 and 42% by 2029.