Cablenet locks record subscribers +40%, revenue +20%

2 mins read

Cablenet has established itself as the fastest-growing communications provider in Cyprus, delivering on customer demands and exceeding expectations, with a record performance in 2022 despite the post-pandemic challenges.

The telco announced a record 40% growth in the overall subscriber base, and a 102% increase in mobile subscriptions, resulting in significant 19.4% growth in revenues, reaching €63.9 mln last year.

Cablenet’s innovative Purple Max Mobile product, which offers unlimited data allowances, is the main driver behind such growth, proving the company’s resiliency and adaptability.

Highlights of 2022 performance:

40% increase in subscriber base

102% increase in Mobile Telephony Subscribers

19.4% increase in revenue

Market leaders in customer satisfaction

18% increase in employee satisfaction

This growth path led to a 134% increase in mobile revenues compared to 2021.

“Such growth is nothing short of remarkable when one considers the economic climate in which we are operating,” said Cablenet CEO Yiannos Michaelides.

“We are in the aftermath of a global pandemic and are now facing the economic implications of the disruption brought about by the war in Ukraine.

“The market continued to trust us with their communications needs during a time when demand for connectivity was ever-more critical for continued social and economic development.

“We are committed to delivering on our long-term evolutionary path towards establishing Cablenet as a national full-service, quad‑play, telecom operator by building up a mobile services business of scale alongside our leading fixed services”.

Recognising the need for fast-speed broadband, and in line with its growth plans, Cablenet expanded its fixed services network into new areas of Cyprus.

It has passed an estimated aggregate coverage of 205,000 homes.

Internet experience

“However, network expansion is not enough unless customers enjoy the full internet experience both inside and outside their home,” explained Michaelides.

Cablenet renewed its partnership with Plume, a world leader in innovative, cloud-driven smart home and business services.

As a result, Cablenet launched ‘Purple Max Internet’, a complement to its mobile offering, bringing increased value in addition to the fastest and most secure Internet service experience.

Customers recognise Cablenet’s efforts as it retained top spot in the overall Customer Satisfaction Survey (CSAT) and the highest Net Promotor Score (NPS) for fixed and mobile services.

“We continue to invest in our technology and networks; our people remain our biggest asset, and it’s thanks to their dedication and commitment that we can achieve such results,” said Michaelides.

 “We take their happiness and well-being very seriously, and it gives me great pride that we also registered an 18% improvement in our employee net promotor score.

“Our renewed set of values, reinvigorated culture, our dedication to employee well-being and development provide a key component for our long-term sustainability”.

Cablenet Chairman Nikhil Patil expressed his satisfaction with the telco’s performance in 2022.

“We are very excited at the progress Cablenet has made and what the future holds for this growing company.

“It has continued to prove its determination to bring added value to its customers and returns to its shareholders,” Patil said.

“The ongoing transformation of Cablenet, at a time when it’s growing at an industry‑leading rate, is no easy feat.

“The board and I are proud of how the management and our people have performed to make this feat a reality in 2022.

“We remain committed towards Cablenet and shall continue to support its expansion in various areas,” he said.