Nikhil Patil celebrates ‘new era in GO’s story’ as company enters 50th year of operations

As GO plc marks its 50th year of operations, CEO Nikhil Patil described 2024 as “a testament to GO’s extraordinary evolution,” highlighting the company’s transition from a government-owned telecommunications entity to a “dynamic, internationally active powerhouse.”

“The past 50 years have been nothing short of transformative,” said the CEO. “GO has evolved from a traditional voice company, to a leader in Malta’s digital landscape, driving technological progress and contributing to the nation’s economic prosperity.”

Mr Patil continued: “We have gone beyond telecoms, successfully diversifying into green energy and digital hardware, underscoring our relentless commitment to innovation, sustainability, and empowering the communities we serve.”

His statement was made in the the listed Maltese company’s financial statements for the year ended 31st December 2024.

The report, which took into account the results of the whole GO Group (including GO Telecoms, BMIT Technologies plc, Connectedcare Ltd, Cybershift Holdings Ltd, AQS Med Ltd, Cablenet Communication Systems plc, SENS Innovation Group Ltd, Klikk Finance plc, GO Ventures Ltd, GO Infrastructure Services Ltd and GO IP Holdings Ltd), revealed that the company registered a record consolidated revenue of €244.9 million, a 3.8 per cent increase over the previous year, delivering a consolidated profit of €15.7 million.

The Malta-based company highlighted that total revenue remained stable at €139.6 million, compared to €139.4 million in the previous year, driven mostly by “higher consumer revenue from fixed and mobile services, an uplift in roaming and wholesale traffic, and sustained demand for mobile handsets and connectivity solutions.”

The company also reported a €3.9 million increase in total costs for 2024 compared to the previous year, primarily due to “strategic investments in workforce retention and operational restructuring.” As a result, the company’s Earnings Before Interest, Tax, Depreciation, and Amortisation (EBITDA) fell to €55.4 million, down from €60.3 million in 2023.

In 2024, GO reorganised its intellectual property assets by transferring them to a new subsidiary, GO IP Holdings Ltd, valued at €158.6 million. This move generated a one-time gain of €154.9 million and led to a licensing agreement between the two entities. As a result, GO reported a profit before tax of €178.9 million, up from €57.2 million in 2023.

Over the past six years, GO plc has distributed more than €154 million in dividends, reflecting the company’s strong financial performance. Looking ahead, GO remains committed to driving growth “with confidence, passion, and an unwavering vision to push boundaries and GO beyond telecoms.”

Reaffirming GO’s motto, “to drive a digital Malta where no one is left behind,” Mr Patil noted that the company began deploying True Fibre to homes in 2018. Today, nearly all homes and offices across the country are connected, thanks to a €100 million project that was completed nearly five years ahead of schedule.

In 2024, GO made a strategic entry into the green energy sector with the acquisition of AQS, a company specialising in solar photovoltaic (PV) systems, water and underfloor heating, smart home automation, and EV charging solutions. Mr Patil also highlighted GO’s transition to its new net-zero headquarters in Żejtun, described as ‘a beacon of sustainability and innovation’, further reinforcing the company’s environmental commitment.

GO plc also solidified its leadership in the broadband sector, capturing 46.8% of the market share in 2024. The company achieved significant growth in its mobile segment, gaining over 10,000 new customers and securing second place with a 34.8% market share within the same year.