High performance was recorded by OTEGLOBE, according to its 2019 financial results.
The company’s revenues remained high in 2019, reaching €349.4 mn, recording an increase of 1% compared to 2018. The impact of price erosion in international wholesale on OTEGLOBE’s revenues was counterbalanced again this year by the revenue increase from international capacity services, as a result of the company’s previous years’ investments and the maintenance of high revenues in international voice services. The company also recorded an exceptionally good current ratio, 1.9. An increase of 6% was also recorded in the company’s EBITDA, excluding the impact of IFRS 16, which reached in 2019 €19.7 mn., as a result of the Company’s technological advance and continuous investments.
Within 2019, OTEGLOBE expanded its collaboration with a major Asian mobile operator for capacity upgrade and activations in the AAE-1 subsea cable system, following a major agreement both companies signed last year for the sale of more than 1 Tbps of capacity in this cable.
Continuing its investments in next generation fiber optic networks to interconnect major European hubs and meet its customers’ demand for international traffic, OTEGLOBE has also recently made one more significant upgrade on its international backbone network.
By capitalizing on Greece’s geographic advantage, OTEGLOBE has already implemented its expanding strategy in the new markets of M. East and N. Africa, through its investments and partnerships with major carriers.