Cable Bahamas Ltd. Reports Strong Fourth Quarter and Year-to-Date FY 2024 Financial Performance

October 3, 2024

Cable Bahamas Ltd. (CBL), the leading telecommunications provider in The Bahamas, today announced its financial results for the fourth quarter (Q4) and year-to-date (YTD) ending June 30, 2024. The company reported total revenue of B$61 million for Q4 and B$242 million YTD, representing a 3% increase over the prior year’s Q4 and a 5% growth YTD. This growth is attributed to increased demand for mobile services across both consumer and corporate sectors, as well as robust expansion in the fixed corporate business. CBL continues to hold a strong market position in the fixed consumer business despite increased competition, and international inbound roaming through its partnership with Digicel contributed positively to overall revenue.

In addition to revenue growth, the company made significant strides in expanding its fibre-optic network. By the end of Q4, CBL had passed 88,000 homes with ALIVFibr and successfully connected over 10,000 users to the high- speed service. This expansion enhances coverage and capacity across New Providence, underscoring the company’s commitment to offering cutting-edge connectivity solutions to Bahamian residents. Operating expenses, as a percentage of revenue, were reduced from 63% in FY 2023 to 60% YTD FY 2024, reflecting CBL’s ongoing efforts to drive operational efficiency. As a result, the company’s EBITDA for the year totaled B$97 million, marking a 12% improvement over the prior year and highlighting the group’s profitability and cost-control measures.

Despite these operational successes, CBL reported a net loss attributable to shareholders of B$9.8 million YTD, compared to a profit of B$4.9 million in FY 2023. The loss was primarily due to increased depreciation from new Fibre to the Home Network assets and strategic shareholder arrangements aimed at enhancing ALIV’s financial position. Cash flow from operating activities remained robust at B$80.8 million, enabling the company to maintain its investment momentum in infrastructure development and continue delivering dividends to shareholders. Free cash flow for Q4 YTD was B$3.4 million, which, while lower than the previous year, reflects the company’s significant investment in its B$85 million Fibre To The Home (FTTH) network expansion. To date, CBL has spent B$40 million on this project in FY 2024, with cumulative investments of B$75.4 million since its launch. Dividends declared for Q4 FY 2024 totaled B$2.6 million, or 6 cents per share, maintaining the group’s consistent track record over the past two years.

As of June 30, 2024, CBL’s total assets were valued at B$467.58 million, with a solid cash balance of B$29.13 million, down from B$53.57 million in the prior year due to capital expenditures and debt servicing. The group successfully reduced total liabilities to B$434.09 million, down from B$474.53 million in FY 2023, as part of its strategy to derisk the balance sheet by reducing the cost of debt and using excess cash to repay high-cost obligations early. In tandem with these financial results, ALIV is excited to announce the launch of its B$90 million Series II Preference Shares Offering, providing a unique investment opportunity for Bahamians. Eligible investors are required to make a minimum direct investment of B$50,000, with access available through brokers such as RF, who may offer lower minimum investment thresholds through various funds.

Franklyn Butler II, CEO & President of Cable Bahamas Group, expressed his optimism, stating: “We are extremely pleased with our performance in the fourth quarter and throughout FY 2024, which demonstrates our commitment to innovation, operational excellence, and meeting the evolving needs of our customers. Our continued investment in expanding FTTH, which now passes over 88,000 homes, and continues to position us as a leader in connectivity. As we move forward, our focus remains on expanding these services, enhancing customer experience, and delivering sustainable returns to our shareholders.”

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