Cablenet’s investments in 2018 were on the rise as a result of a positive trend by consumers, according to Go Group which is a major shareholder in the Cypriot company whose goal is the further expansion of services throughout the island.
More specifically, the Group’s expansion of operations is achieved within a highly competitive environment, according to Go’s financial report for 2018.
“Consumer behavior is in transition, driven by the increasing governance of telecommunications, information technology, media and entertainment.
That’s why data services quickly become the main telecommunication service that consumers are looking for as they seek access to the internet everywhere and at any time of the day through their devices,” says the report.
Cablenet’s network in Cyprus covers 52.8% of households and this has been expanded through the company’s long-term plan of action. This plan also includes the upgrading of systems and procedures to maintain Cablenet’s position in providing quality internet and TV services.
Specifically, the provider’s network in 2018 increased its customer base by 6.6%, serving a total of 64,665 customers.
The Group had a net income of €52.8 million for the year 2018, a decrease of €4.2 million compared to the €57 million recorded in the previous year. As explained, the decrease is due to the increase in taxes and payments made under a voluntary retirement scheme.
At the same time, Group investments amounted to €39.7 million in 2018, of which €1.9 million were from the acquisition of the remaining 49% of Kinetex, a subsidiary of BMIT Technologies Limited. Investment in real estate, plant, equipment and other assets amounted to €37.8 million.
The Group sent the message that trough these investments they want to reassure Maltese and Cypriot consumers that they can enjoy the best telecom experience.
In 2018, the group recorded revenues of €171.8 million, an increase of € 5.5 million compared to the previous year.