“GO revenue grows to all-time high of €236 million in 2023…”

Nationwide coverage for true fibre and 5G technology by the end of the year.

GO’s chief executive officer Nikhil Patil described 2023 as a transformational year for bringing the company’s purpose of driving a digital Malta to life.

“We have been firing all cylinders to deliver record results… We have transformed BMIT into Malta’s first digital infrastructure company, continued investing in networks, technology, and startups, driving GO to become the fastest-growing communications company in Malta in 2023,” he said. 

Earnings before interest, taxes, depreciation, and amortization amounted to €88 million, after accounting for €3 million of one-time expenses.

GO Telecoms achieved total revenues of €139.4 million, an increase of €10.6 million or 8.2% over 2022. The strong revenue growth was driven by growth in fixed and mobile subscribers, higher activity levels in international wholesale and sale of mobile handsets and bespoke technical solutions. 

BMITT registered total revenues of €28.7 million, an increase of 10.1% over 2022. The company consolidated its market-leading position in data centre operations and registered strong revenue growth from the provision of cloud and managed services as well as from the sale of hardware and software licences.

Cablenet Communications Systems p.l.c., a quad play telecoms operator in Cyprus, registered another year of double-digit growth in revenues, which amounted to €74.4 million, 16.2% higher compared to 2022.  

Group profit for the year amounted to €15.5 million, an increase of €3.3 million or 27.1% compared to 2022. 

GO chairman, Lassaad Ben Dhiab announced that based on this performance, the board is recommending a final dividend of 5c per share, in addition to the interim dividend of 7c per share paid in August.

The chairman said: “2023 brought with it a palpable energy and renewed hope among the business community. GO has once again proved its ability to turn challenges into breakthroughs, to invest in start-up companies that complement our core business, and to create opportunities for growth and diversification”.

He said that to date, more than 305,000 homes, or 81.2% of households, are passed with the fastest true fibre technology available on the market. A total of 67,000 of these were passed in 2023 alone.

By the end of this year, we would have achieved nationwide coverage for both true fibre and 5G technology, he said.

€10.2 Billion Dispute: European Parliament Sues Commission Over Release of Funds to Hungary

The European Parliament is following through with its warning and plans to sue the European Commission for releasing €10.2 billion in previously frozen funds to Hungary, as reported by Euronews.

This decision, expected on Monday evening, received official approval on Thursday morning from Parliament’s President, Roberta Metsola, during a meeting with political group leaders. Metsola holds the authority to initiate legal actions against other entities at the European Court of Justice.

The submission deadline is set for March 25.

This lawsuit increases pressure on Ursula von der Leyen as she aims for a second term as Commission President and vows to stand firm on the rule of law, a sensitive issue that has absorbed considerable energy of her first mandate.

Dispute Over Rule of Law

The Commission’s decision in December to unlock €10.2 billion in cohesion funds for Hungary—funds previously inaccessible due to ongoing rule of law issues—has sparked controversy among lawmakers.

The Commission justified this action, stating that Hungary had implemented reforms in May last year to enhance judicial independence and reduce political influence in the courts, aligning with Brussels’ four “super milestones.”

However, lawmakers and civil society voices have disputed this justification, arguing that the reforms were insufficient. They also criticized the timing of the funds’ release, which occurred just before an important EU leaders’ summit, where Hungarian Prime Minister Viktor Orbán had hinted at vetoing crucial Ukraine-related agreements.

Resolution and Reaction

In a strongly supported resolution in January, Members of the European Parliament (MEPs) considered legal action and declared that “in no way can the EU give in to blackmail and trade the strategic interests of the EU and its allies by renouncing its values.”

They stated, “Hungary does not meet the standard of judicial independence set out in the (EU treaties) as the measures adopted do not ensure sufficient safeguards against political influence and can be either circumvented or inadequately applied,”

The Commissioners defended their decision, arguing that Hungary had met the required milestones, including actions to empower the National Judicial Council and prevent political intrusion in the Supreme Court.

Reynders stated, “the Commission was under legal obligation to take a decision.”

Malta Company Announcements:

Bank of Valletta plc

Bank of Valletta plc (the Bank) hereby announces that the forthcoming Annual General Meeting (AGM) of the Bank will be held on Friday 31 May 2024. Further information relating to the AGM will be announced at a later date.

Placing of items/resolutions on the AGM Agenda

Pursuant to the Capital Markets Rules, shareholders holding not less than 5% of the voting issued share capital of the Bank may:

a) request the Bank to include items on the Agenda of the AGM, provided that each item is accompanied by a justification or a draft resolution to be adopted at the AGM; and

 b) table draft resolutions for items included in the Agenda of the AGM.

BMIT Technologies plc

The Directors of BMIT are recommending the payment of a net dividend of €0.02456. The dividend will be payable to all shareholders as at close of trading on 25 April 2024, who will have the option to receive the dividend either in cash or in new ordinary shares at an attribution price of €0.351 per share. BMIT also scheduled its Annual General Meeting for 29 May 2024.

GO plc

The Board of Directors of the Company approved the Annual Report and Consolidated Financial Statements for the financial year ended 31 December 2023 and resolved that these be submitted for the approval of the shareholders at the forthcoming Annual General Meeting scheduled to be held on Thursday 30 May 2024.

The Board of Directors further resolved to recommend that the Annual General Meeting approves the payment of a final dividend of €0.05 net of taxation per share. The payment of this Net Dividend amounts to the total sum of €5.1 million. The final dividend for the year ended 31 December 2023 will be paid on Tuesday 04 June 2024 to all shareholders who are on the shareholders’ register as at Tuesday 30 April 2024.

MedservRegis plc

The Board of Directors is scheduled to meet on the 26th April 2024 to approve and publish the consolidated financial statements of the Company for the period ended 31 December 2023. Annual General Meeting.

The forthcoming Annual General Meeting (the “AGM”) of the Company will be held on the 29th May 2024. Placing of items/resolutions on Agenda Shareholders holding not less than 5% of the issued share capital of the Company may:

a) request the Company to include items on the agenda of the AGM, provided that each item is accompanied by a justification or a draft resolution to be adopted at the AGM; and

b) table draft resolutions for items included in the agenda of the AGM.

Fimbank plc

The Board of Directors of FIMBank is scheduled to meet on Wednesday, 24th April 2024 to consider and approve the Group’s and the Bank’s Audited Accounts for the financial year ended 31 December 2023.

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