News Details

MaltaPost's AGM

31/01/2011

The Annual General Meeting of MaltaPost p.l.c. was held on Monday 31 January 2011 at the InterContinental Hotel, St. Julians.

Shareholders were presented with the Audited Financial Statements of the Company for the financial year ended 30 September 2010.

"MaltaPost reported a successful year when, despite increasing competition, higher external operational costs and an uncertain economic climate, it maintained profits at the same level as the previous year," said Joseph Said, MaltaPost's chairman.

Profit before tax for the year ended 30 September 2010, at €3.2 million, was maintained at last year's record level, resulting in an Earnings per Share of €0.07.

  • Increased cross-border mail, combined with higher philatelic sales, compensated for lower volumes in traditional mail, resulting in an increase of 1.0% in Revenue from €20.2 million to €20.4 million;
  • Re-engineering of processes provided cost savings so that overall costs were capped at €17.5 million (2009: €17.3 million), despite higher labour costs;
  • Cost-to-Income ratio at 86% continued to compare well with industry standards;
  • Total Assets decreased by 4.7% to €21.0 million, reflecting the application of cash for better management of trade creditors;
  • Shareholders' funds increased by 18.9% to €12.9 million.

The Company looks forward with cautious optimism to a fully liberalised market since it believes that it has the right strategy and policies in place to enable it to continue to grow and expand into new markets.

The Chairman announced that, in line with the policy of investing in potential opportunities that have a medium to long term growth profile, the Board of Directors has approved the purchase of the Company's Head Office building and another building in central Valletta to host Malta's first postal museum.

Customer confidence in MaltaPost is high. This is the result of consistent improvements in service quality enabling the Company to meet and exceed the demanding service levels set by local and international regulatory bodies. Mr.Said informed shareholders that the Company made further significant investment in its ICT infrastructure intended to continue improving its service levels, facilitate work processes and add value. This should ensure that a highly responsive service is offered to MaltaPost's customers via its branch network, which itself continues to be improved through a comprehensive refurbishment programme.

For the financial year ending 30 September 2010, the Annual General Meeting approved a final net dividend of €0.04 per share and shareholders will again be given the option of receiving their dividend either in shares or in cash. Members of the Company also approved an extraordinary resolution amending the Company's statute to reflect the Shareholders' Rights Directive.

Messrs David Stellini and Philip Tabone were re-appointed as Directors and together with Joseph Azzopardi, Joseph Said, and Aurelio Theuma form the Board of Directors of MaltaPost p.l.c.

Download Company Announcement in pdf