The Malta Independent on Sunday
GO AGM: €11.1 million net payment for shareholders
This week, GO plc held its 19th annual general meeting, during which the company’s senior management team provided shareholders with a detailed review of the company’s performance during 2016. The meeting also approved a dividend of €0.11 per share, amounting to a net payment of €11.1 million to shareholders.
Opening the meeting, GO Chairman Nizar Bouguila, in his first address to shareholders following Tunisie Telecom’s acquisition of the majority shareholding, highlighted three primary factors which are contributing to GO’s successful trajectory. These are GO’s gamechanging acquisition of a majority stake in Cypriot operator Cablenet, further integration with the Group’s data and ICT subsidiaries BMIT and Kinetix, and the results of the ongoing strategic investment in fibre, which is now available to more than 45,000 homes. These factors are providing GO with significant competitive advantages, notable new revenue streams and a more diversified business model.
Interim Chief Executive Officer Edmond Brincat presented shareholders with a detailed operational and financial review of the year. Mr Brincat reviewed not only the investments in technology and infrastructure but also in human resources, TV content, and the GO brand, including the refurbishment of the company’s retail outlets which all contribute to a better customer experience. Mr Brincat also gave information on the growth in customer numbers, which now exceed 533,000 connections. The financial review highlighted GO’s robust performance in 2016 during which the Group delivered a profit before tax of €28.1 million. This was underpinned by significant year on year increases in revenues, which grew by €33.3 million to €157.0 million, and in Group Earnings before Interest, Tax, Depreciation and Amortisation (EBITDA), which grew by €10 million to €61.6 million, an increase of 19.4 per cent.