GO, the leading Maltese communications company, said it's on track to make Malta the first EU country to have nationwide coverage of True Fiber Network. GO has connected 50,000 new homes with its Fiber To the Home (FTTH) in 2022 alone. The telco is also anticipating that by the end of the year 2023, 75 per cent of the island will be covered with its True Fiber Network.
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True Fiber Network
GO said it had invested heavily in its promise to ensure that every household has access to True Fibre technology (FTTH). As a result, GO's True Fiber network passed more than 50,000 homes with fibre, bringing the total number of nomes with True Fiber to 224,000, which is 63% coverage. As of December 2022, GO's FTTH network covers more than 170,000 households.
The telco said it has also expanded its 5G Network, ensuring customers get to enjoy super-fast mobile data across Malta and Gozo. GO has registered a growth in the broadband customer base of 3,900 connections and more than 11,700 connections in the mobile postpaid subscriber base.
For the first time in the GO Group's history, the company reported consolidated revenue of EUR 214.6 million for the full-year 2022, an increase of 10.8% over the previous year. GO registered total revenues of EUR 128.8 million, an increase of EUR 11.1 million (9.5%) over 2021. This positive year is backed by the overall increase in GO's customer base registering an 8.2% increase in the Maltese market, whilst Cablenet in Cyprus reported a healthy 40% growth. This resulted in a group profit of EUR 12.2 million, an increase of EUR 1.7 million over 2021, and EBITDA rose 11.1% to EUR 81.4 million.
Cablenet in Cyprus
Cablenet, one of the largest telecommunications providers in Cyprus, registered a 19.4% revenue growth, backed by approximately 40% growth in subscriber base. Cablenet has recorded a 102% growth in its mobile subscriber base, totalling 93,000 subscribers now. In addition, in 2022, GO increased a further 6.84% stake in Cablenet, bringing its total shareholding to 70.22%. Cablenet served more than 82,600 homes and 4,800 businesses with its broadband and fixed services at the end of 2022.
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GO's Third Submarine Cable
GO has invested around EUR 25 million in its third submarine cable, enabling it with international connectivity. In 2022, Go's third submarine cable, the LaValette submarine cable, was connected to the Pakistan and East Africa Connecting Europe (PEACE) submarine system and was officially switched on. The switching on of this cable solidified Malta and GO's position as an international telecommunications hub in the heart of the Mediterranean region.
LaValette, through PEACE, is the only submarine cable that links Malta to France, providing unparalleled resilience and first-in-class, low-latency data connections. GO is now the only operator among Maltese telecommunications companies, with three submarine cables connecting Malta to mainland Europe.
GO is a leading integrated telecommunication services company and the first quad-play provider in Malta, offering mobile, fixed line, high-speed broadband, and TV services to more than 500,000 customers. GO also offers Enterprise services to Businesses.