MaltaPost stays the course
Shareholders were presented with the Audited Financial Statements of the Company for the financial year ended September 2009. Shareholders were presented with the Audited Financial Statements of the Company for the financial year ended September 2009.
The Annual General Meeting of MaltaPost p.l.c. was held on Wednesday 24th February 2010 at the Corinthia San Gorg, St Julians.
For the year ended 30th September 2009, MaltaPost p.l.c. registered a Profit before tax of €3.19 m as compared to €2.90 m last year, representing an increase of 10%.
- While revenue decreased by 1.4% from €20.48 m to €20.19 m this was mainly attributable to lower volumes of domestic mail and lower philatelic sales. The decline was however compensated by an increase in cross border mail. ;
- Costs decreased by 3.4% from €17.93 m to €17.33 m mainly as a result of the ongoing review of operational processes;
- Cost-to-Income Ratio improved to 85.9% from 87.6%;
- Total Assets increased by 3.1% to €22.07 m;
- Shareholders’ Funds increased by 20.9% to €10.88 m.
Joseph Said, chairman of MaltaPost p.l.c., reported that the profitability achieved by the national postal operator over the last four years clearly showed a consistent and steady growth even in a subdued economic climate. This is the result of careful and judicious cost containment, investment in quality staff, improvement in the various processes as well as by anticipating the ever changing market conditions both locally and abroad.
He further stated that quality of service standards continued to be of foremost importance to MaltaPost and confirmed that the company continued to exceed both local and international industry service standards.
The chairman, thanked members present for their continued support which was also clearly manifested by the very encouraging response to the scrip dividend option which had been offered to shareholders when the vast majority of shareholders preferred to receive their dividend in shares rather than in cash.
Messrs David Stellini and Philip Tabone were re-appointed as directors and together with Joseph Said (chairman), Joseph Azzopardi and Aurelio Theuma form the board of directors of MaltaPost p.l.c.
