Cablenet’s revenue up 16.2% in another record year

Cablenet said it has achieved double-digit revenue growth for yet another year, reaching €74.3m in 2023 compared to €63.9m in 2022, recording a 16.2% increase.

This growth is largely attributed to the ongoing expansion of its total subscriber base, which marked a 29% increase compared with the previous year.

In his annual review, Cablenet's CEO Yiannos Michaelides stated: "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. It is hence with a lot of pride that, despite any 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."

The fastest-growing mobile network
In Mobile Telephony, the Company continued its upward trend in market share in 2023, maintaining the title of the fastest-growing mobile network in the Cypriot market. Cablenet saw a 52% increase in its subscriber base, surpassing 142,000 contract and prepaid subscribers by the end of 2023, as well as a 54% increase in revenue from the Mobile Telephony service. During 2023, the migration of subscribers to its proprietary 4G frequency spectrum was also completed, and the Company invested in additional coverage and capacity capabilities, as well as upgraded tools for the design and monitoring of its mobile network.

Global recognition for Purple Max Internet
In the Fixed Services segment, Cablenet continued its investment in expanding its network to new areas of Cyprus through fiber optics in 2023. Today, Cablenet offers coverage to approximately 228,000 households nationwide, compared to approximately 205,000 at the end of 2022. The ongoing investment in expanding coverage areas persists until the achievement of the target of 80% of households in Cyprus. By the end of 2023, approximately 85,000 households and 5,100 businesses trusted Cablenet for 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 recognized by global entities for its uniqueness and the comprehensive and enhanced user experience it offers Subscribers. Specifically, Cablenet, along with its strategic partner Plume, achieved a significant victory at the 11th Annual Global Awards, 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, with Purple Max Internet, had the honor of being nominated for other prestigious global Telecommunications 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," – the company’s commitment to providing world-class service and continuous investment in ensuring service quality – Cablenet has once again succeeded in being recognised as the leading telecommunications company in Cyprus, according to market research results conducted by the independent market research company CYMAR. In 2023, Cablenet ranked first in overall customer satisfaction (CSAT) and the company's Net Promoter Score (NPS) on the Cypriot telecommunications market. These indices cover the Company's performance across all aspects of its operations, including network availability, customer service quality, and professionalism of installation teams,” it said in a press release.

CEO Michaelides expressed his satisfaction with the Company's results and added: "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. We also remain committed to our brand's byline of 'Cablenet For a Better Life'. This promise implies the translation 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, stated: "Cablenet has once again achieved remarkable growth despite the challenges, reflecting its unwavering commitment to delivering value to its Customers and Stakeholders. Cablenet's 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."

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