Cable Bahamas Group Releases Shares Strong Q2 Financial Results Report

February 21, 2022

CBL group maintains its path of operational growth and stability.

Cable Bahamas Group of Companies, media conglomerate and the leader in connected lifestyles, recently released its Q2 results port for FY22. The communications provider comprises of multiple powerful media brands including, REV, ALIV, Cable Bahamas Business Solutions and OUR TV attributes its success to management continuing in the ability to deliver on its strategy and growing in multiple business segments areas.

Q2 Consolidated FY 22 revenue closed at $53.9m in line with Q1 FY 22. Service revenue (excl handset revenue) for H1 grew by $8.8m or 9% over H1 FY 21. Fixed revenue grew 7% while Mobile Revenues grew 14%. With continued focus on driving growth and strategically managing financial service instruments the group is pleased to announce improved bottom line performance in Q2 FY22. Q2 Consolidated FY 22 revenue closed at $53.9m in line with Q1 FY 22. Service revenue (excl handset revenue) for H1 grew by $8.8 or 9% over H1 FY 21. Fixed revenue grew 7% while Mobile Revenues grew 14%. Despite a Q2 the 2% increase in operating expenses over the same period last year, the ratio of opex to revenue decreased by 3% showing an improvement in opex efficiency.

During this fiscal period, The Group of Companies was able to achieve an increase in earnings before interest, depreciation and amortization (EBITDA) which closed at $34.1m for H1 FY 22 an 18% increase over the same period last year. Earning per share for H1 FY 22 closed at .07 compared to a Loss per shares of .03 in H1 FY 21.

During Q2 the group met all its obligations with respect to servicing of debt with the payment of $11.2m in preference dividend and bond interest payments, strengthening the confidence of the groups debt holders.

The group generated cash from operations of $18.7m in Q2 FY 22 in line with Q1. For H1 FY 22 total cash generated from operations was $37m compared to $30m in H1 FY 21 an increase of 23%.

Cable Bahamas Group of Companies reported another quarter of strong financial and operating performance,” said Victor Marcial, Chief Financial Officer of Cable Bahamas Group. We are seeing a demand for connectivity across our Consumer and Business segments which underscores the groups performance capabilities. We are confident that we will continue to increase our revenues and reduce high-interest debts. These and other strategic financial decisions will lead to continued growth and high performance for FY22.”

Aliv Standalone performance saw an increase in EBITDA from $4.3m H1 FY 21 to $8.3m H1 FY 22. An increase of 94%. Aliv Stand Alone Service Revenue was maintained from Q1 to Q2. H1 FY 22 Service Revenue for Aliv closed at $39m compared to $34m H1 21 an increase of 14%. This increase is driven by the prepaid revenue segment as Aliv continues to grow its market share in this space. The company continues to seek operating expense efficiencies to improve cash flows year over year. Net losses for H1 FY 22 were in line with net losses from H1 FY 21 despite the positive performance on EBITDA, mainly due to interest expense on additional shareholder loans.

Mr. Franklyn Butler II, CEO of Cable Bahamas Group said, “I am extremely pleased with the Q2 FY22 performance of the group of companies. Our strategic efforts to be the leader in connected lifestyles continue to build strong momentum towards increased revenue and profitability through, dynamic service offerings provisions and forward thinking coupled with expanded technology. Our goal is to continue to exceed customer and shareholder expectations for even greater future success.”