Record year for Cablenet, revenue up 16% to €74 mln
Leading independent telco Cablenet has announced another year of double-digit revenue growth, rising 16.2% to EUR 74.3 mln from EUR 63.9 mln in 2022.
This growth is largely attributed to the ongoing expansion of its total subscriber base, which marked a 29% increase compared to the previous year.
“Cablenet is unwavering in its pursuit of becoming a solid producer of strong returns for its shareholders and a contributor of exceptional value to its customers, employees and stakeholders,” CEO Yiannos Michaelides said in his annual review.
“Despite adversities and headwinds, our 2023 results demonstrate not only a broad and consistent progress towards that goal, but one that’s also achieved at an accelerating rate.”
Cablenet’s mobile telephony market share continued its upward trend in 2023, maintaining the title of the fastest-growing mobile network in Cyprus. It saw a 52% increase in its subscriber base, exceeding 142,000 contract and prepaid subscribers by the end of 2023, as well as a 54% increase in revenue from the mobile telephony service.
The migration of subscribers to its proprietary 4G frequency spectrum was also completed last year, and the company invested in additional coverage and capacity capabilities, as well as upgraded tools for the design and monitoring of its mobile network.
International acclaim
In fixed services, Cablenet continued to invest in expanding its network to new areas through fiber optics in 2023, and at present provides coverage to 228,000 households, compared to about 205,000 at the end of 2022.
The ongoing investment in expanding coverage areas will continue until the 80% target of households’ coverage is achieved. By the end of 2023, approximately 85,000 households and 5,100 businesses entrusted Cablenet with their broadband and other fixed services.
Cablenet’s innovative product, Purple Max Internet, continues to be the flagship of the internet service, whose superiority has been recognised by global entities for its uniqueness and the comprehensive and enhanced user experience it offers.
Specifically, Cablenet and its strategic partner Plume, achieved a significant victory at the 11th Annual Global Telecoms.com Awards, the Glotel Awards, held in November in London. Winning the award in the ‘Most Innovative Operator Cloud Offering’ category is evidence of Cablenet’s commitment to innovation and excellence in the telecommunications industry.
Additionally, in 2023, Cablenet and Purple
Max Internet were nominated for other prestigious global telecoms and technology awards, such as the Network X award in the ‘Outstanding Smart Home Operator’ category and the World Communication Awards (WCA) in the ‘Total Experience Award’ category.
World-class service
True to its slogan “Cablenet, For a Better Life,” Cablenet was once again recognised as the leading telecommunications company in Cyprus, according to a survey by market research company CYMAR.
Driven by the commitment to provide world-class service and continuous investment in ensuring service quality, Cablenet ranked first in overall customer satisfaction (CSAT) and the company’s Net Promoter Score (NPS) on the Cypriot telecommunications market in 2023. These indices cover the telco’s performance across all aspects of its operations, including network availability, customer service quality, and professionalism of installation teams.
“Our long term strategic objective remains the same – to continue on a growth trajectory path, establishing sizeable market shares in all services which can be delivered on a national basis,” said CEO Yiannos Michaelides.
“We remain committed to our brand’s motto of ‘Cablenet For a Better Life’. This commitment implies the transmission of our commercial and technological innovation into practical and simple means that can improve the lives of our customers.
“Doing things more efficiently and sustainably, and thinking and acting in a socially mindful context, are directions we plan to explore to increase our value added and contribution to the Cypriot consumers and businesses, beyond the benefits our services bring to their everyday lives.”
Cablenet’s Chairman, Nikhil Patil, also applauded the record results and growth performance.
“Cablenet has once again achieved remarkable growth despite the challenges, reflecting its unwavering commitment to delivering value to customers and stakeholders. Our revenue growth is fueled by innovation and customer satisfaction, indicating the company’s strength and resilience.
“We extend heartfelt gratitude to our team for their dedication and contribution. Moving forward, we remain committed to supporting Cablenet’s future success, leveraging its strong foundation and strategic vision. We are proud of these results as we look ahead to years of continued innovation and success.”