Despite the numerous challenges for the telecoms company, 2020 turned out to be a strong financial year for GO, which 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 – a performance which CEO, Nikhil Patil says is a result of the Group’s past and present investments which continue to deliver value.
During its 23rd annual general meeting, GO also strengthened its commitment to minimising its environmental impact by pledging to reduce its total emissions by 21 per cent by 2024, and by 42 per cent by 2029.
The CEO explained that throughout the tumultuous past year, GO successfully executed its top priorities for 2020 and delivered strong results across its four strategic pillars, namely investing in a digital Malta, providing the best customer experience, becoming a digital enterprise, and minimising its environmental impact.
“In line with its investment in a digital Malta, GO continued to roll out its future proof technology to a further 25,000 homes and today, more than 150,000 homes have the opportunity to enjoy ultra-fast digital services from our Fibre-to-the-Home network,” he explained.
The CEO added that works are also underway on a third submarine cable, “which will make us the first operator in Malta to have links to France and Egypt, and completely transform the digital connectivity map of Malta.”
“By obsessing about our customers, we continued to grow market share and revenues, by acting like owners we maintained the utmost cost discipline across the Group, and by working together as one team, we mitigated the impacts of the pandemic and posted strong financial results,” said Mr Patil.
GO Chairman, Samir Saied, added that 2020 proved how vital GO’s constant investment in its digital infrastructure has been, enabling the company to ensure fast, reliable and resilient connectivity.
“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,” said Mr Saied.
“The challenges made us even more determined as a Group to continue delivering immense value to our shareholders, and the Maltese community.”
Family businesses account for more than 70% of Malta’s SMEs, and are hence vital components of the local economy.
Astrid and Juanito Camilleri said the strong reviews are resulting in steady export growth.
The bank also appointed a new Head of Internal Audit.
He has also been appointed Board Member at JA Europe.