GO Group CEO Nikhil Patil has reaffirmed the integrated telecommunications services group’s intentions to continue developing Malta’s digital space in order to make customers and shareholders’ lives “better every day”.
This came following the publication of GO’s Annual Financial Report for 2022 on Wednesday, where it reported a pre-tax profit of €22.1 million, representing a 23 per cent increase from 2021’s €17.9 million. This was largely a result of a rise in revenues, driven by substantial growth in fixed and mobile subscribers, higher levels of activity in international wholesale, as well as the provision of bespoke technical solutions. Total assets expanded to €396.2 million, prompting the Board of Directors to recommend a final dividend of €0.09 net of taxation per share, which will amount to a total net dividend of €9.1 million.
Mr Patil said that 2022 proved to be a “rewarding” year for the group, and was the first year with a semblance to pre-pandemic norms. Despite various macroeconomic challenges, such as the COVID-19 pandemic, the war in Ukraine, inflation, and the energy crisis, he highlighted the group’s “resilience in the face of adversity”, which prompted it to have “one of the most positive years ever”.
He remarked that the €214.6 million in revenue registered during 2022 represents a record for GO Group, which was possible due to it continuing to invest in “nurturing a culture that makes GO a great place to work and grow”.
“During 2022, through GO Academy, our people engaged in an average of 40 hours of learning through technical and bespoke training. Whilst this is important for us to bring more value to the business and our customers, our people’s wellbeing and happiness at GO remains a top priority,” he added.
Mr Patil explained that “all investments” during 2022 were assessed true the purpose of digitalising Malta.
“GO has consistently invested in a state-of-the-art True Fibre network, making sure that every business and household can enjoy the fastest and most reliable broadband speeds imaginable. 2022 was by far a record year in terms of our True Fibre roll out. We successfully passed more than 50,000 homes with fibre bringing the total number of homes with True Fibre to 224,000 (63 per cent coverage),” he said.
He added that GO Group continues to invest in its 5G network and to broaden its IoT network portfolio, as indicated through its acquisition of SENS Innovation Group Limited last year.
Environmental sustainability remains a “key strategic pillar” for the group, Mr Patil said, before adding that it has “worked hard to raise consciousness about the importance of making GO green through several internal initiatives”. These include bespoke training, information sessions, and beach clean-ups.
“Small actions by the many will greatly contribute toward reversing the effect of climate change over the course of time,” he explained.
“As a company, we continued to grow and exceeded our targets. We continued to invest and diversify the business. As a team, we worked closely together and learnt new things. We brought greater value to our customers and shareholders, making their lives better every day. All these efforts contribute to the long-term sustainability of the company,” he said.
He continued by highlighting the group’s intention to drive a “digital Malta where no one is left behind”, with a focus on investment, rolling out fibre, customer experience, completing its digitisation journey, minimising its environmental impact, and particularly, to “continue to nurture the right culture, making GO a great place to work and grow as individuals”.
Mr Patil concluded by thanking the Board for its support and guidance, and the group’s team that “no matter what, strives for excellence”.
GO Group CEO Nikhil Patil
Sayed Mohamed Mohamed Noor Sharaf has resigned from the two positions with immediate effect.
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