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Cablenet reports double-digit growth for 2021

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During 2021, Cablenet’s revenue reached €53.5m, a healthy 14 per cent growth over 2020. This double-digit growth in revenue was driven largely by the significant growth in the overall subscriber base, which recorded a 30 per cent increase over the previous year.

“Achieving such an industry-leading growth rate, on the back of the challenges brought about by the pandemic, not to mention the highly penetrated and mature market environment, simply demonstrates the strengths of our human assets, our strategic clarity and execution efficiency,” noted Cablenet CEO Yiannos Michaelides.

“2021 was marked by our full entry as a Mobile Network Operator in the Cyprus market,” he continued. “Our innovative product concept, Purple Max, which is predominately targeted towards post-paid customers offers unlimited Data, Voice, and SMS allowances, at prices affordable to the entire market, fully reflecting our traditional value proposition to consumers.

“As a result of our mobile entry, we have experienced an increase of around 110 per cent in our mobile subscriber base, to reach over 46,000 mobile subscribers, and an increase of 157 per cent in our mobile service revenue.

“Our market share in the post-paid mobile segment has subsequently grown by approximately three percentage points – a very notable increase by all market standards in such a short period of time,” he added.

Strong market endorsement

This strong endorsement by the market encouraged further investment in Cablenet’s Mobile Network, in particular its 4G and 5G frequency spectrum.

“On the fixed services side, solid growth continued, recording increased momentum in the second half of 2021 where Cablenet captured 62 per cent of the market net additions,” Michaelides further pointed out.

“The expansion of the network into new areas of Cyprus continued to meet demand from both homes and businesses, honouring Cablenet’s commitment to cover approximately 80 per cent of the country’s households. We have now reached in an aggregate coverage of c.193,000 Homes Passed.

“The above expansion was also accompanied by our continued commitment to deliver faster speeds to our customers and add to the resilience and overall performance of our network and as a result, unparalleled customer experience,” the Cablenet chief said.

Renewal of TV offering

Cablenet also embarked on the renewal of its TV offering, with the launch of additional sports and other thematic channels. In fact, Sports TV Customers grew by 20 per cent during the period under review.

“We are committed to making a difference in the market and this is marked by the introduction of our new brand tagline ‘Cablenet For a Better Life’,” explained Michaelides. “Our ambition is to translate our commercial, operational and technological innovation into tangible benefits to our customers, and in doing so, leave a positive impact on the community and the environment.

“This commitment and our concerted efforts have been recognised by our customers, as we have taken the lead in terms of customer satisfaction in both fixed and mobile services.

Undeniable passion for excellence

“Our long-term strategic objective remains the same: to continue growing our market shares in all services which can be delivered on a national basis,” concluded Michaelides.

“To that end, we will need to remain focused on the tools that are crucial to us achieving that objective, our brand equity, our human talent and our customers, and an undeniable passion for excellence.”

For his part, commenting on these results, Cablenet Chairman Nikhil Patil, and CEO at GO plc, noted: “we are truly encouraged by the stellar performance of the company in 2021.

“These results are testament to the forward-looking strategy which the company’s executive management team has crafted and executed.

“We are excited by what the future holds as we continue to leverage on the strengths of both companies, and gain efficiencies across the Group, in order to drive increased value for our respective customers and shareholders.”

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