Go describes 2023 as 'game-changing year'

“2023 marked a pivotal moment in the Group’s journey towards restoring pre-pandemic norms. Amidst the energy and renewed hope across the business landscape, GO continued to demonstrate resilience and innovation. GO’s commitment to ensure connectivity across Malta and Gozo is not only reshaping the way communities engage – it is empowering people and businesses to thrive in an increasingly digital society and is contributing greatly to the country’s economic growth.”

This was stated by Lassaad Ben Dhiab, Chairman of GO plc during the company’s Annual General Meeting, during which he also announced that GO is one of the fastest-growing telecommunications companies in Malta.

Given this performance, the Board has recommended a dividend of €0.05 cents per share, bringing the total dividend distribution for 2023 to €0.12c per share. Over the past six years, GO has delivered over €151 million in dividends to its shareholders.  

The company also distributed an extraordinary interim dividend of €0.15c per share earlier in January this year following the successful completion of the sale of GO’s passive mobile infrastructure to BMIT Technologies. This transaction has transformed BMIT Technologies into Malta’s largest listed information technology and digital infrastructure company in Malta, providing investors with a unique asset class to invest in.

“GO has once again proved its ability to look beyond telecoms, invest in startup companies that complement its core business, and create opportunities for growth and diversification, bringing added value to our customers.  This is key for our long-term sustainability,” he continued.

In his address, Nikhil Patil, CEO of the GO Group stated that 2023 was a game-changing year and a true testament to GO’s purpose of driving a digital Malta where no one is left behind. 

“The GO Group has not only grown in size, but it’s also grown in ambition. We have continued to invest in and diversify our portfolio. Together with our subsidiaries and associate companies, we are serving hundreds of thousands of customers across the globe, from Malta to Cyprus, Mauritius, the UK, Singapore, the States and most recently – Japan.”

“Together we are keeping people connected, helping businesses thrive more securely and acting to reverse climate change whilst doing so,” explained Patil. 

“Investments in companies such as SENS Innovation, Cybersift, Connected Care and most recently AQS, enable us to go beyond providing telecom services to our customers. Today we can offer them cybersecurity, energy and healthcare solutions,” he continued. 

Patil also referred to GO’s True Fibre network rollout, which will reach nationwide coverage by the end of this year, making Malta one of the first EU countries with full True Fibre coverage.

“Initiatives such as the True Fibre rollout, as well as the €20 million investment in new net zero headquarters in Zejtun contribute greatly to GO’s commitment to reducing its carbon footprint in line with its Science-based targets that were approved earlier this year,” he said.

“Despite the competitive landscape and growing cost pressures, we continue to perform solidly, aligning with projections and targets. We continue to be one of the best-performing publicly listed companies in Malta in terms of total shareholder returns and community contributions. As we look ahead, we are poised for further growth and innovation, driven by our commitment to excellence, environmental responsibility, and customer satisfaction,” concluded Patil.

Commenting on the financial performance of the Company, Chief Financial Officer, Reuben Attard explained that “GO has demonstrated resilience, agility, and commitment to delivering exceptional financial results. Such performance is driven by revenue growth, tight cost discipline, and targeted investment in technology, customer service and innovation.”

2023 was another year of record revenues for the company which amounted to €235.9 million. Group revenues grew by €21.3 million, equating to a 9.9% year-on-year growth. The group also saw an improvement in its Operating Profit Margin which increased from 13.2% in 2022 to 14.8% in 2023. Earnings before Interest, Tax, Depreciation, and Amortisation (EBITDA), increased by €7.1 million to reach €88.4 million, which in turn enabled cash generation from operations to increase by €9.9 million, to reach €85.3 million. 

Attard referred to 2024 performance to date, indicating that, “whilst mitigating cost inflation pressures is becoming increasingly challenging, the company is on track in reaching its ambitious targets for the year. When compared to the same period last year, consolidated net revenues grew by 4% and EBITDA grew by 3% on a normalised basis. These results bode well for the rest of the year.”