Cable Bahamas hosts Virtual Annual General Meeting For Shareholders

The Cable Bahamas Group held its second virtual Annual General Meeting of Shareholders under the theme, ‘Strive and Thrive’

The Cable Bahamas Group of Companies held its Annual General Meeting via digital platform for the second consecutive year this past Thursday, December 2nd, 2021. During the meeting, shareholders were able to vote virtually on the   regular business of the company and following the formal business of the meeting, received a special report from its Chief Executive – Mr. Franklyn Butler II – highlighting the 2021 fiscal year.

Mr. Butler  provided insight into the company’s steps toward achieving its vision of “Being the Leader In Enabling Connected Lifestyles and Experiences”. He confirmed that the group had achieved market leadership in every metric possible when comparing its results to the competitor; in Revenue Generated Units (RGU’s), subscribers and revenue…”I am pleased to report that as a group we grew our overall revenues in excess of $200m – a record, despite significant declines to roaming revenues, declines in mobile average revenue per user (ARPU) associated with high unemployment due to COVID 19 and a continued competitive environment. Additionally, EBITDA increased by 59%, from $35m in financial year 2020 to $53m during this financial period.”

Mr. Butler  also addressed the groups focus on digital transformation which included ,

• a plethora of alternative ways to pay including, payments by IVR, Payments via the MyAliv app as well as Suncash, Kanoo, MobileGo and others.
• Increased self-help tools including: IVR Hit to Boxes, as well as IVR Modem Resets, 24/7 Whatsapp, Facebook and other digital communication channels.
• monthly and quarterly team updates take place 100% via digital platforms such as Teams or Zoom to keep staff engaged and informed while working remote.”

The Group Chief Financial Officer – Mr. Victor Marcial  took shareholders through an overview of the FY 2021 financials. He  highlighted EBITDA growth of 52% in FY 2021 or $18M when compared to the previous year and revenue growth of 10% in FY 2021 when compared to  2019 and 4% when compared to 2020 with revenues passing $200M for the first time in CBL history.

Mr. Marcial further highlighted increased efficiencies in the group with operating expenses declined by 5%  when compared  to FY 2020 or $8M.. He acknowledged that while cash, short term investments and receivables declined $74M, Financial liabilities declined by $86M ultimately creating a stronger balance sheet..

The annual report for FY 2021 is available to the public on www.rev.bs.