$641m revenue – ATH finally begins recovery from COVID-19 impact
2 August, 2022, 6:30 pm
The Amalgamated Telecom Holdings Ltd (ATH) has finally begun to recover from the debilitating impact of the COVID-19 pandemic on our people and business, says acting chief executive officer Juan Castellanos de Armas.
ATH released its 2022 annual report which shows its group consolidated revenue closed at $641 million, representing an increase of 10.52 per cent compared with the same period last year.
Mr Castellanos de Armas said the group’s EBITDA was $193m, increasing by 12 per cent compared with the same period last year.
“On our Balance Sheet, total assets increased from $1,281m to $1,469m on a consolidated basis, largely as a result of the new acquisitions and capital expenditures related to network expansions for various subsidiary companies.
“Net debt (cash and cash equivalents less borrowing) increased to $112m compared with $79m in year 2021.
“Finally, consolidated profit after income tax attributed to the members of the holding company for the financial year was $34.8m compared with $14.6m last year.”
While the group net profit before tax and interest amounted to $75m, representing an increase of 25 per cent over the same period last year, its net financing cost increased to $6.3m from $4.9m compared with same period last year.
He said the increase was mainly because of the additional debt financing obtained by the Group to fund the PNG Project.
“It is important to note that the Group made a successful rollout of the PNG Project and Vodafone “PNG went live in April 2022.”