Cable Bahamas Ltd. Reports Robust Q3 FY 2024 Financial Results

Cable Bahamas Ltd. (CBL) is pleased to announce a strong financial performance for the third quarter (Q3) of fiscal year 2024, highlighting significant growth and strategic progress. This quarter’s results underscore the company’s commitment to delivering value to shareholders, customers, and stakeholders.

For Q3, Cable Bahamas Ltd. reported a total revenue of $60 million, with Year to Date (YTD) revenue reaching $181 million. This marks a 4% increase compared to Q3 FY 2023 and a 5% rise compared to FY 2023. The revenue growth is primarily driven by increased demand for broadband and mobile services, successful transformation of international roaming operations, and continued expansion in Business-to-Business services. Additionally, the group’s EBITDA improved by 8% from Q3 FY 2023 to $24 million, and also saw an 8% increase YTD, totalling $69 million, indicating strong operational performance and profitability.

The net loss attributable to shareholders stood at $3.9 million YTD Q3 FY 2024, showing a deterioration from the same period last year, largely due to accounting adjustments for accelerated depreciation on the group’s Hybrid Fibre and Coaxial (HFC) Network. Consequently, earnings per share for Q3 YTD FY 2024 were nil, compared to earnings per share of .39 in Q3 YTD FY 2023. The group generated Free Cash Flows of $19 million YTD, a remarkable 79% increase from the same period in FY 2023, despite considerable investments in the $85 million Fibre to the Home (FTTH) network in New Providence, with $26 million spent YTD and approximately $56 million since its inception. The group concluded Q3 with $341 million of debt in bonds and preferred shares at an average cost of 7%. Efforts remain focused on reducing the cost of debt including utilizing excess cash to early repay high-cost debt.

Operational highlights include a resilient total subscriber base, which reached 286,000 by the end of the quarter. Anticipated growth in fixed services is expected as the FTTH rollout expands. The mobile segment continued its strong performance, with a 10% revenue growth attributed to a superior network and customer service. Significant investments in customer service initiatives have led to enhanced satisfaction, improved service quality, and reduced churn rates.

The company has made considerable progress in expanding its fibre-optic network, enhancing coverage and capacity across New Providence. By the end of Q3, 73,000 homes were passed and over 6,000 users connected to ALIVFibr. 

Franklyn Butler II, Group CEO & President of Cable Bahamas Ltd., commented, “We are proud of the significant achievements in Q3 FY 2024, reflecting our strategic focus and operational excellence. Our strong financial performance, combined with our commitment to customer satisfaction and community involvement, positions us well for future growth. We remain dedicated to delivering exceptional value to our stakeholders and look forward to continued success in the coming quarters.”

Full Q3 FY24 Financial Performance

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Founded in March 1995, Cable Bahamas Ltd. (CBL) has evolved from a cable TV service provider to become the first communications provider in The Bahamas to offer ‘triple play’ service. Today, the 100% Bahamian-owned company is publicly listed on BISX with over 2,200 Bahamian shareholders. Our network includes 14 free-to-air broadcast systems, eight stand-alone cable TV systems, and four triple play systems, all networked by submarine fibre. As the only 100% Bahamian-owned communications provider, we deliver residential and corporate broadband internet, cable television, and fixed line calling to 99% of the Bahamian population, 24 hours a day, 365 days a year. CBL is the controlling shareholder in BeALIV Limited, the second mobile licensee in The Bahamas, and owns 48.25% of the company’s common stock. CBL is led by Franklyn A. Butler II, the first Bahamian Group CEO & President.

For further Investor Relations & Media Inquiries: publicrelations@cablebahamas.com