True Fibre network rollout on track to be completed this year, says GO CEO Nikhil Patil

CEO Nikhil Patil has said that GO plc’s True Fibre network rollout is on course to be completed by the end of the 2024 financial year.

His comments came as the telecoms company on Friday (today) released its interim report for the six months ended 30th June 2024 (H1 2024).

In the report, GO announced €113.5 million in revenue, a drop of €6.9 million from the €120.5 million registered in H1 2023. This came due to an anticipated reduction in hardware sales of mobile devices, telecoms equipment and specialised technical solutions for enterprises. This was also reflected by cost of sales going down to €71.4 million in H1 2024.

Administrative and other expenses increased slightly to €27.5 million, partially attributed to record-high cost-of-living adjustments and one-off payments related to voluntary retirement schemes.

Total assets stood at €410.8 million, a decrease from the €458.7 million reported at the end of 2023. The Board of Directors resolved to approve an interim net dividend of €0.05 per share, totalling €5.1 million. It will be paid on 30th August 2024 to shareholders on the shareholder’s register on 16th August 2024.

In his comments, Mr Patil said that over the past six months, “GO remained committed to its purpose of driving a digital Malta where no one is left behind.”

He noted that significant progress was made in its True Fibre network, a project that first started in 2016.

By the end of the eight-year project, GO had stated that it aimed to invest over €100 million in broadband speeds to “future proof” homes and communities for the next century.

In the H1 2024 report, Mr Patil said: “We accelerated the deployment of our True Fibre network, successfully connecting over 35,000 new homes.”

He added that this increased the percentage of homes passed from 78.5 per cent at the end of 2023 to 87 per cent.

“The True Fibre network rollout is anticipated to be completed by the end of the 2024 financial year,” he continued.

This aligns with what Mr Patil said at the start of the year, when he remarked that 2024 will mark the completion of the project.