Cablenet announces 10% climb in mobile subscribers among strong overall growth

Cablenet has delivered another year of strong results within the highly competitive domestic telecommunication services market.

In a press release announcing its results for 2024, the company said, "Our product offering continues to be well received by the market and we are very happy with the endorsement our value-driven commitment receives on an ongoing basis from customers from across the country. We are committed to continue rewarding this endorsement in the future, through the continued development of our network capabilities, be it our Gigafast broadband internet network, 5G mobile and advanced home Wi-Fi capabilities or partnering with world class equipment and software vendors, among other things."

Cablenet achieves strong EBITDA growth in 2024, reinforcing financial momentum

In 2024, Cablenet delivered robust EBITDA growth, reflecting the continued success of its strategic investments, revenue expansion and cost optimization across core business segments. EBITDA saw a significant increase of 8%, marking a key inflection point in the company’s financial trajectory.

The sustained growth in telecommunications services revenue, coupled with disciplined cost management, has driven higher gross profit and operating profit, while also reducing net losses.

"These improvements underscore Cablenet’s ability to translate operational efficiencies into stronger financial performance. A financially sound and stable position is important for telecom companies like us to support their sizable investments and maintain the trust of our customers in delivering the quality of service they expect," the announcement said.

Cablenet achieves strong growth in mobile subscribers and revenue in 2024

Cablenet’s continued focus on mobile business growth resulted in a 10% increase in its Mobile Subscriber Base—across both postpaid and prepaid users—by the end of 2024.

Additionally, mobile service revenue surged by 19%, underscoring the strong market demand for Cablenet’s offerings.

"This success reaffirms Cablenet’s commitment to expanding and enhancing its mobile services. In 2024, the company made strategic investments in network coverage and capacity, further strengthening service quality. A key priority now is the migration of mobile customers to Cablenet’s dedicated 5G frequency spectrum, a transition expected to be fully completed later this year, ensuring enhanced performance and connectivity for subscribers," the company's announcement said.

Chief Executive Officer, Ioannis Mavridis (pictured above) commented, “With my taking on the Chief Executive role in 2024, Cablenet’s long-term strategic objective remains the same - to continue on a growth trajectory path, establishing sizeable market shares in all services which can be delivered on a national basis. Our brand’s slogan of “Cablenet For A Better Life” is a promise of commercial and technological innovation into practical and simple means that improve the lives of our customers. Doing things better, greener and thinking and acting in a socially mindful context, are directions we plan to explore to increase our value-added contribution to the Cypriot consumers and businesses, beyond 2024, with Cablenet remaining in the leading positions in Customer Satisfaction and NPS (Net Promoter Scores) in both Fixed and Mobile Services.”