CEO Nikhil Patil notes 2023 was ‘undeniably rewarding’ for GO plc amid record revenues

GO plc CEO Nikhil Patil has deemed 2023 an “undeniably rewarding” year, with the major telecoms provider registering a record high of €235.9 million in revenue.

This came after the Malta-based company released its financial statements for the year ended 31st December 2023 on Wednesday, highlighting the 9.9 per cent increase in revenue (2022: €214.6 million). The report, which took into account the results of the whole GO Group (includes GO Telecoms, BMIT Technologies, Cablenet Communications Systems plc, Connectedcare Limited, Sens Innovation Group Limited, and Cybersift Holdings Limited), revealed that pre-tax profit at group level increased by 21.3 per cent from 2022 (€22.1 million), amounting to €26.8 million in 2023.

Cost of sales were also on the rise, going up by 9.6 per cent to €148.7 million from 2022’s €135.7 million. Administrative and other related expenses experienced relatively marginal increases, rising to €55.3 million in 2023. The primary contributors to these increases were cost of goods sold (€30.9 million), third-party network charges, content costs and other direct costs (€67 million), as well as employee benefit expenses (€36.9 million).

At company level, GO Telecoms achieved total revenues of €139.4 million, 8.2 per cent higher than in 2022 (€128.8 million), while GO Group’s operating subsidiaries, BMIT Technologies and Cablenet Communications Systems plc, also achieved positive years.

As he was commenting on the performance of the group, Mr Patil stated that 2023 was a “transformational year” for GO Group, primarily in terms of bringing its purpose of driving a digital Malta where “no one is left behind,” to life.

“We have been firing on all cylinders to deliver record results and returns to our shareholders,” he explained.

Mr Patil remarked that GO Group’s continued success was a direct result of its investment in its people. “Our people engaged in an average of 46 hours of personal development, an increase of three per cent over 2022. GO continued to operate as a hybrid company, thus providing our employees with increased flexibility, work-life balance, and whilst at the same time, reducing our environment footprint,” he added.

“We have transformed BMIT Technologies into Malta’s first digital infrastructure company, continued investing in networks, technology, and start-ups, driving GO to become the fastest-growing communications company in Malta in 2023,” he stated.

One of the most substantial moves for the group during the year was the sale of its 278 sites that made up its passive telecoms assets to BMIT Technologies for €46.6 million. These assets are necessary for GO to function, and therefore BMIT Technologies is now responsible for maintaining the cell towers and providing GO with hosting and co-location services for an initial 30-year period.

Commenting on the BMIT Technologies transaction, he said that this move significantly lightened the administrative burden placed on GO, allowing it to focus more on its core business. Mr Patil also explained that the cash proceeds from the transaction will enable GO to continue investing in its technology, products, and services.

He also touched on the addition of Cybersift Holdings Ltd to GO Group, which took place in 2023, stating that this move is indicative of the increased importance of cybersecurity, and also allows Cybersift to “look beyond Malta’s confines, with efforts already underway to sell the company’s products in new territories.”

Mr Patil said that 2023 was “undeniably rewarding,” adding that GO has been “one of the best-performing publicly listed companies in Malta in terms of total shareholder returns” and the contribution to communities.

“Together with our subsidiary and associate companies, we’re poised for further growth and innovation, fuelled by our unwavering commitment to excellence, environmental responsibility, and customer satisfaction,” he concluded.