2021 was a year of significant revenue growth for Cablenet, which reached 53.5 million. EUR 53 million compared to revenues of EUR 47 million in 2020 - translating to a 14% increase. This double-digit revenue growth is largely due to the excellent growth of the Subscriber base, which saw a 30% increase year-on-year.
Cablenet's CEO, Mr. Yiannos Michaelides, in his Annual Review, said: "Achieving such a growth rate, among the industry leaders, in the midst of major pandemic challenges, yet in a highly competitive and mature environment, demonstrates the strengths of our human resources, our clear strategy and its effective execution.
2021 was marked by our full entry into the Mobile Telephony market as an integrated MNO provider (Mobile Network Operator), as well as the launch of the innovative product Purple Max which "shook up" the Mobile market in Cyprus, offering Subscribers Unlimited Data/Seven Voice/SMS, without any restrictions and commitments, at an affordable price for all. This was a promise we made to the market as a continuation of our long-standing philosophy that the combination of value and price that Cablenet will offer in mobile is closer to what citizens across Europe enjoy.
As a result of our entry into mobile, Cablenet has seen an increase of around 110% in its mobile subscriber base, exceeding 46.000 contract and prepaid subscribers by the end of 2021; and a 157% increase in our mobile revenue in 2021 compared to 2020. Our mobile contract market share in contract mobile subsequently increased to 5%, up from 2% in 2020, a very significant increase by market standards in such a short period of time. True to our commitments to provide quality services, but also responding to the needs of society, Cablenet continued its investments in the Mobile segment, in particular in network-related systems and in the design of the 4G and 5 network.
On the internet services side, our steady growth journey continued, registering increased momentum in the second half of 2021, where Cablenet captured 62% of net additions to the market. The expansion of our network into new areas of Cyprus continued to meet demand from both residential and business customers. Now, Cablenet covers approximately 193,000 homes, remaining true to its commitment to continually expand its network to achieve its target of covering approximately 80% of the country's households. This expansion was also accompanied by our ongoing commitment to offer higher speeds to our Subscribers and enhance the reliability and performance of our network, aiming for an unparalleled customer experience.
Also, in 2021, we proceeded with the renewal of our TV content, with the launch of additional sports and other thematic channels. The priority of Cablenet remains to offer rich and quality entertainment and sports content, even more accessible to its Subscribers. It is worth noting that by the end of 2021, ablenet had growth of 20% in Sports Channel Subscribers, compared to the end of 2020, which reinforces the already significant growth achieved last year.
We are committed to making a difference in the market and this is signalled by introduction of the new slogan Cablenet For a Better Life [/B]. This promise involves translating commercial, operational and technological innovation into practical and simple tools that can make the lives of Subscribers, employees and the society in which we live better in every possible way. The commitment For a Better Life[/B] is part of the key strategic pillar for operating the company with the highest quality standards, while aiming for a future based on sustainable development.
[BR][/B][BR]So far we are encouraged by the positive reception of our initiatives which, through relevant market research in 2021, have established Cablenet as the Customer Satisfaction leader in both Fixed and Mobile Services.
Our long-term strategic goal remains the same - to continue on a growth trajectory, gaining significant market shares across all services, on a pan-Cypriot basis. To this end, we must remain focused on the tools that are vital to achieving this goal, the value of our Brand, our human talent and our Subscribers, as well as an undeniable passion for seeking the best." concluded Mr. Michaelides.
The Chairman of Cablenet, NikhilPatil, said: "We are really encouraged by the company's outstanding performance in 2021. These results are a testament to a visionary strategy developed and implemented by the Company's management team, whose ultimate goal is to deliver an unparalleled and seamless experience to our Subscribers. In this context, Cablenet will continue and further accelerate its investment program which is focused on expanding its network, allowing a greater number of Subscribers to have access to the best possible communication and entertainment experience."
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