The Tribune

By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net

Cable Bahamas Ltd (CBL) “surpassed expectations” for the 2021 fiscal year with revenue increasing by four percent in the final quarter.

In a release to the media, CBL said their Q4 “surpassed expectations for the 2021 fiscal year, recording strong end of year earnings despite the extraordinary challenges presented by the COVID-19 pandemic”.

The release also said: “Based on the company’s Q4 Report and Consolidated Interim Financial Statements, recently released, year to date (YTD) revenue for the communications conglomerate grew four percent ($7m).”

It said this increase in revenue was driven by the consistent performance of the Aliv mobile services brand and REV’s fixed line services, particularly Internet and Voice.

“The company also materialised significant reductions in its operating expenses with stricter management of costs and a reduction in interest payments utilising funds from the sale of Summit: YTD opex reduced by ten percent ($15.6m). Overall there was a meaningful $22.7m overall increase in earnings before Interest, Tax and Depreciation (EBITDA).”

“We remain in a market leadership position largely due to the loyalty of our customers, and we thank them for continuing to choose us throughout the pandemic. We worked with our customers to deliver creative solutions and extended credit terms to keep them connected while they endured economic strain,” said Cable Bahamas Group Chief Executive Officer, Franklyn Butler II.

“We also owe this performance to the resilience and commitment of our employees who were flexible and willing to work harder with fewer hands. This is why as a company we always prioritise our people. We implemented compassionate policies through the pandemic, including training and upskilling employees and investing over $280,000 to support their transition to work from home.

“The Cable Bahamas Group of Companies has performed exceptionally well in this extraordinary environment and continues to demonstrate our ability to seamlessly adjust and display agility in this new reality. We remain committed to our strategic priorities to create shareholder value and look forward to continuing to deliver sustained growth.”

The company added: “More than 50 percent of the group staff transitioned to work from home due to a policy that prioritized employee health and safety. The CBL Group also kept its focus on Corporate Social Responsibility by providing more than $500,000 in cash donations and resources directly to educational initiatives, along with the rapid deployment of the Bahamas Learning Channel.