Cable Bahamas Touts 6% Revenue Growth at 2023 Annual General Meeting
Cable Bahamas Group of Companies proudly held its Annual General Meeting on Monday, December 11th, 2023, at the SLS Baha Mar. The meeting was a showcase of the company’s significant achievements and strategic initiatives that have fueled its growth and sustainability in the 2023 fiscal year.
Chief Executive Officer, Franklyn Butler II, presented highlights of the company’s achievements during the 2023 fiscal year for the group. He reported company’s revenue surged to an impressive $231 million, a 6% increase from the previous year’s $218 million. Mr. Butler attributed this growth to strategic initiatives and the dynamic performance of the Group’s mobile segment, ALIV. “ALIV, our multiple-time Ookla award-winning network, has not only expanded its market share but significantly boosted our revenue streams,” said Mr. Butler.
Mr. Butler also detailed the Group’s investment in and rollout of ALIVFibr, the fastest fiber network in the region. ALIVFibr offers unmatched speeds of up to 10 gigabytes per second for both uploads and downloads, marking a new era of speed and connectivity for Bahamian residents. “We have successfully passed over 40,000 homes with ALIVFibr, and our momentum continues in areas including Adelaide, Coral Harbour, Stapleton Gardens, and more,” stated Mr. Butler.
Group Chief Financial Officer, Victor Marcial, provided a comprehensive overview of the FY 2023 financials. He highlighted the group’s EBITDA growth of $86 million, a 15% increase from the previous year. Cable Bahamas’ financial success, marked by increased earnings per share and a share price rise from $3.89 to $4.18, is attributed to its selective investment policy, enhancements in the mobile segment, strong consumer base in fixed residential services, effective cost-saving measures, and growth fueled by solid relationships with business clients and The Government of The Bahamas.
Concluding the Annual General Meeting, Mr. Butler expressed optimism for the future. “The milestones achieved this fiscal year set a strong foundation for continued growth and innovation. We are dedicated to enhancing our services and delivering consistent value to our customers and shareholders alike,” he remarked. Cable Bahamas Group of Companies, the leader in enabling connected lifestyles and experiences, remains steadfast in its commitment to driving technological advancements in the years ahead.
