Cable Bahamas hits highest revenues in 22-year history
Cable Bahamas Limited’s (CBL) 2016 fourth-quarter and year-end consolidated results show its greatest ever revenues, topping $180 million with earnings before interest, tax, depreciation and amortization (EBITDA) of over $43 million.
“All employees should be very proud of all that was achieved in 2016 – both financially and operationally,” stated CBL President Anthony Butler. “That springboard will enable the company to forge ahead in the coming years.”
CBL has a very solid financial base with a total funding of $700 million over recent years. This comprises bank loans, preferred shares and ordinary equity.
“All in all, CBL is a picture of financial strength. However, this expansion and growth does come with significant expense, namely the network expansion, coupled with ever increasing programming and regulatory fees in The Bahamas, consolidation of operations in Florida and the ALIV network rollout and launch,” said a press statement released by the company yesterday.
“The strategic plan for the company has taken it from video provider through broadband leader to telephony and integrated communications pioneer. A culmination of this is 48.25 percent ownership and full management control of ALIV, the country’s second mobile provider,” noted the company. “This plan also included the overseas expansion of CBL into Florida. This expansion was carried out as a result of tremendous growth opportunity and the chance to deploy the company’s specialized skills and communications experience in other markets outside The Bahamas.”
As the new market entrant, revenues are ramping up for ALIV, already accounting for roughly 2.5 percent of CBL’s total revenue. With number portability imminent in April 2017, the company expects revenues to take off with an expectation of over 30 percent market share by the end of 2017.
“Since its launch in October 2016, ALIV has taken the market by storm – much of the network was in place ahead of timeline, hundreds of Bahamian jobs have been created and state-of-the-art services are available. Thus far, CBL has invested over $65M in making this happen and revenues are starting to come in,” said the press statement.
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