GO financial results for 2017show that the group has achieved strong results above its expectations.

GO reported increases in group revenues amounting to €166.3 million (2016: €157 million), group operating profit which increased by 12.2% to reach €29.5 million (2016: €26.3 million), and in Group EBITDA which amounted to €65.6 million (2016: €61.6 million).

In view of this encouraging performance, the directors are recommending a net dividend of €0.13 per share, which is 18.2% higher than the dividend distributed for 2016, to be approved by shareholders at the forthcoming annual meeting.

The group said it was reaping the results of sound investments in infrastructure as well as in value generating business such as BM Group and Kinetix, which further extended its ICT offering. It reported a robust performance across operations in both Malta and Cyprus.

In Malta, the increase in use of mobile post-paid services and data services were the main contributors to growth in retail revenues.

GO’s fibre network coverage was extended and now covered more than 64,000 households representing 37% of households in Malta.

In Cyprus, Cablenet’s network currently covered approximately 52% of households and was being extended as part of a multi-year programme. During the year under review Cablenet’s broadband client base increased by more than 3,000 subscribers to around 22% of the market.

Revenue generated in Malta maintained an upward trend, growing by 5.8% to €135.4 million.

Cost of sales, administrative and related costs amounted to €138 million (2016: €131.9 million). The main increase of €6.1 million is the result of the increase in sales activity which has driven up the cost of goods sold. 

GO chairman Mohamed Fadhel Kraiem said: “Our strong performance was achieved in spite of intense competition, not only from other Maltese operators but also from international operators providing services for free over the Internet."