Cablenet, part of the GO Group, confirmed as fastest growing telco provider in Cyprus

Record performance in 2022 reaching 40% increase in overall subscriber base and 19.4% increase in revenue.

Cablenet, a company forming part of the GO Group, and the first foreign company successfully listed on the Malta Stock Exchange, has once again proven its resiliency and adaptability with a record performance during 2022 despite the 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% growth in overall subscriber base, a 102% in mobile subscriptions, which has translated into a significant 19.4% 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 entire market, is the main driver behind such growth. This value proposition has led to a 134% increase in mobile revenues when compared to 2021.

Commenting on this performance, Yiannos Michaelides, Cablenet CEO stated, ‘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.’

Recognizing 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.

Customers are recognizing Cablenet’s efforts as it retained top spot in overall Customer Satisfaction Survey (CSAT) as well as the highest Net Promotor Score (NPS) for both fixed and mobile services.

‘Whilst we continue to invest in our technology and networks, our people remain our biggest asset and its thanks to their dedication and commitment that we can achieve such results. We take their happiness and wellbeing very seriously and it gives me great pride that we also registered and 18% improvement in our employee net promotor score. Our renewed set of values, our reinvigorated culture, and our absolute focus on our employee well-being and development are providing a key component for our long-term sustainability,’ explained Yiannos.

Cablenet Chairman, Nikhil Patil, expressed his satisfaction at Cablenet’s 2022 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 in 2022. We remain committed towards Cablenet and shall continue to support its expansion in the various areas,” said Nikhil.

Cablenet remains committed to its promise of ‘Cablenet for a better life’, offering practical and simple solutions to customers to improve their everyday lives. Doing things better, greener and thinking and acting in a socially mindful context, are directions it plans to explore to increase its value added and contribution to the Cypriot consumers and businesses.