Cablenet, a company forming part of the GO Group, and the first foreign company listed on the Malta Stock Exchange, has once again proven its resiliency and adaptability with a record performance during 2022 despite post-pandemic challenges. It has established itself as the fastest growing communications provider in Cyprus, delivering on customer demands and exceeding expectations.
This is confirmed by a record 40 per cent growth in overall subscriber base, a 102 per cent in mobile subscriptions, which has translated into a significant 19.4 per cent growth in revenues, reaching €63.9 million by the end of 2022.
Cablenet’s innovative Purple Max Mobile product concept, which offers unlimited data allowances at prices affordable to the market, is the main driver behind such growth. This value proposition has led to a 134 per cent increase in mobile revenues when compared to 2021.
Commenting on this performance, Yiannos Michaelides, Cablenet CEO, said: “Such growth is nothing short of remarkable when one considers the economic climate in which we are operating. We are in the aftermath of a global pandemic that took the world by storm and are now facing the economic implications of the disruption brought about by the war in Ukraine. This notwithstanding, the market continued to trust us with their communications needs, during a time when demand for connectivity was ever-more critical for continued social and economic development. I am truly humbled and committed to deliver on our long-term evolutionary path towards establishing Cablenet as a national full-service, quad play, telecom operator by building up a mobile services business of scale, alongside our leading fixed services.”
Recognising the need for fast-speed broadband, and in line with its growth plans, Cablenet expanded its fixed services network into new areas of Cyprus. It now has an estimated aggregate coverage of 205,000 homes passed. However, network expansion is not enough unless customers enjoy the full internet experience both inside and outside their home.
Consequently, Cablenet renewed its partnership with Plume, a world leader in innovative, cloud-driven smart home and business services. As a result, Cablenet launched Purple Max Internet, a perfect complement to its mobile offering, bringing increased value in addition to the fastest and most secure internet service experience.
Cablenet has retained top customer satisfaction score (CSAT), as well as highest net promoter score (NPS) for both fixed and mobile services.
“While we continue to invest in our technology and networks, our people remain our biggest asset and it is thanks to their dedication and commitment that we can achieve such results. We take their happiness and well-being seriously and it gives me great pride that we also registered an 18 per cent improvement in our employee net promoter score. Our renewed set of values, our reinvigorated culture and our focus on employee well-being and development are providing a key component for our long-term sustainability,” Yiannos added.
Cablenet chairman Nikhil Patil expressed his satisfaction at Cablenet’s performance.
“We are very excited at the progress Cablenet has made and what the future holds for this growing company. It is proving to be a positive contributor to the GO Group and has continued to prove its determination to bring added value to its customers and returns to its shareholders.
“The ongoing transformation of Cablenet at a time when it’s growing at an industry leading rate is no easy feat. The board and I are incredibly proud of how Cablenet’s management and people have performed to make this feat a reality. We remain committed towards Cablenet and shall continue to support its expansion in the various areas,” he said.