Category: Press Release

Cyprus’ Fastest Growing Mobile Network Hits Double-Digit Revenue Increase For 1 More Year.

Fiscal Year 2024 Results

• +4% increase in Services Revenue
• +19% increase in Mobile Customer Revenue
• +8% increase in EBITDA
• +109% increase in Operating Profit
• +10% increase in mobile subscriber base

Customers continue placing their trust in the value delivered by Cablenet for a Better Life

In a highly competitive domestic telecommunication services market, Cablenet delivered another year of strong results. Our product offering continues to be well received by the market and we are very happy with the endorsement our value-driven commitment receives on an ongoing basis from customers from across the country. We are committed to continue rewarding this endorsement in the future, through the continued development of our network capabilities, be it our Gigafast broadband internet network, 5G mobile and advanced home wifi capabilities or partnering with world class equipment and software vendors, among other things.

Cablenet Achieves Strong EBITDA Growth in 2024, Reinforcing Financial Momentum

In 2024, Cablenet delivered robust EBITDA growth, reflecting the continued success of its strategic investments, revenue expansion and cost optimization across core business segments. EBITDA saw a significant increase of 8%, marking a key inflection point in the company’s financial trajectory.

The sustained growth in telecommunications services revenue, coupled with disciplined cost management, has driven higher gross profit and operating profit, while also reducing net losses. These improvements underscore Cablenet’s ability to translate operational efficiencies into stronger financial performance. A financially sound and stable position is important for telecom companies

like us to support their sizable investments and maintain the trust of our customers in delivering the quality of service they expect.

Cablenet Achieves Strong Growth in Mobile Subscribers and Revenue in 2024.

Cablenet’s continued focus on mobile business growth resulted in a 10% increase in its mobile subscriber base—across both postpaid and prepaid users—by the end of 2024. Additionally, mobile service revenue surged by 19%, underscoring the strong market demand for Cablenet’s offerings. This success reaffirms Cablenet’s commitment to expanding and enhancing its mobile services. In 2024, the company made strategic investments in network coverage and capacity, further strengthening service quality. A key priority now is the migration of mobile customers to Cablenet’s dedicated 5G frequency spectrum, a transition expected to be fully completed later this year, ensuring enhanced performance and connectivity for subscribers.

Chief Executive Officer, Mr. Ioannis Mavridis commented, “With my taking on the Chief Executive role in 2024, Cablenet’s 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. Our brand’s slogan of “Cablenet for a better life” is a promise of commercial and technological innovation into practical and simple means that improve the lives of our customers. Doing things better, greener and thinking and acting in a socially mindful context, are directions we plan to explore to increase our value-added contribution to the Cypriot consumers and businesses, beyond 2024, with Cablenet remaining in the leading positions in Customer Satisfaction and NPS (Net Promoter Scores) in both Fixed and Mobile Services”.

The market share report published by the Office of the Commissioner for Electronic Communications and Postal Regulation (OCECPR) for the Electronic Communications market until the end of 2023 was fully aligned with Cablenet’s 2023 financial performance. According to the data released in the said report, Cablenet continues to increase its mobile subscriber market share, thus confirming its leading role in the mobile telephony market, and with trends that indicate an excellent prospect for further growth.

Within two and a half years from its official launch as a fully-fledged mobile network operator in Cyprus, Cablenet successfully surpassed the 10% market share barrier for mobile contract subscriptions and climbed to 3rd position, while in the Prepaid services market, Cablenet was once again the provider that achieved the largest growth in new connections.

Specifically, Cablenet exceeded 100,000 mobile contract subscribers by the end of 2023, translating to 10.1% of the market share according to the OCECPR report. It is worth noting that the mobile contract subscriptions market increased by 53,750 subscriptions in 2023, of which 51% of this gain in subscriptions was allocated to Cablenet.

Regarding the Prepaid market, Cablenet was the mobile operator that recorded an impressive 4.9% increase in its market share during 2023, thus moving from 4.4% in 2022 to 9.3% market share by the end of 2023. This growth in prepaid market share translates to a 106% growth in its prepaid subscriber base in 2023.

Cablenet’s Chief Commercial Officer, Mr. Pambos Moyseos, stated: “The official results of the Department of Electronic Communications confirms Cablenet’s dedication and determination in achieving its goals and objectives: to become the preferred choice in Telecommunication services by the public, both for its quality products and services and for its impeccable customer service. We are honored that our subscribers continue to reward us with their trust and loyalty and it encourages us to strive for even greater achievements.”

Results 2023:

• 16,2% increase in Revenue
• 52% increase in Mobile subscribers
• 29% increase in Overall subscriber base
• Global award for Purple Max Internet
• Top ranking in customer satisfaction

For yet another year, Cablenet has achieved double-digit revenue growth. Specifically, in 2023, it reached €74.3 million compared to €63.9 million in 2022, translating to a 16.2% increase. This growth is largely attributed to the ongoing expansion of its total subscriber base, which marked a 29% increase compared to the previous year.

In his annual review, Cablenet’s CEO, Mr. 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 Telecoms.com 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 recognized 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.

The CEO of Cablenet, Mr. Yiannos 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, Mr. 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.”