Issue link: https://maltatoday.uberflip.com/i/1351945
3 NEWS 18.3.2021 GO generates €185m in revenue in 2020, up 4.2% over 2019 THE Malta Chamber of Commerce, Enterprise and Industry has signed a Memorandum of Understanding with JAYE Malta Foundation with the aim of promoting an entrepreneurial culture amongst the young, the leaders of to- morrow. Ahead of the signing, President David Xuereb noted that the MOU underlined the values of the two organisations in terms of promoting an entrepreneurial culture among the young, and providing the necessary support to all businesses. "As Malta's leading business repre- sentative body, e Malta Chamber's intent was always to support, represent and connect businesses to continuously grow and engage in shaping Malta's fu- ture. is goes very much in line with JAYE's purpose which aims at inspiring and educating young people through practical business projects which devel- op attitudes and skills for professional success, life-long learning and employ- ability," Xuereb said. He said that this signing perfectly compliments e Malta Chamber's vi- sion that young people are essential in the development of a sustainable future for Malta's economy and should there- fore be introduced to an entrepreneuri- al culture from a young age. "To this extent, through the various services and events organised, e Mal- ta Chamber is the ideal platform for these young and aspiring individuals to truly experience the world of commerce and business in its true form," Xuereb said. Fiona Captur, CEO of JAYE Malta said that e Malta Chamber and JAYE Mal- ta Foundation have long been aligned in their joint collaboration. "Our mutual focus on developing resil- ient and relevant human capital brings synergies to our mission to the benefit of our students who are ultimately to- morrow's Young Chamber Network (YCN) members," she said. e Memorandum of Understanding was signed by David Xuereb and Marisa Xuereb as President and Deputy Pres- ident of e Malta Chamber, respec- tively, who were accompanied by Board of Management Member Chris Vassal- lo Cesareo, and Karl Briffa and Fiona Capture as Chairman and CEO of JAYE Malta Foundation, respectively. The Malta Chamber and JAYE team up to shape Malta's future FROM PAGE 1 GO also established itself as the mar- ket leader in mobile communication with a 38.26% of the total market. GO's TrueFibre rollout continued in 2020, with an additional 25,000 homes connected to the latest fibre technology, despite the physical restrictions. During the 2020, GO welcomed an additional 5,300 broadband customers and close to 10,000 mobile customers. GO's growth in revenue compensated in part for a significant reduction roam- ing and other international wholesale revenues which were negatively impact- ed by international travel restrictions imposed by Malta and other countries to mitigate the spread of COVID-19. Group earnings before Interest, Tax, Depreciation and Amortisation (EBIT- DA) amounted to €72.1 million, down 1.5% from €73.2 million in 2019. Group operating profit amounted to €21.3 mil- lion, down from €25.8 million in 2019. In Q4 2020, GO realised a gain on in- vestment of €3.1 million from the sale of its shareholding in Forthnet S.A. Based on this performance, GO's Board is recommending a dividend of €0.16 per share. Chairman Samir Saied said that the true strength of a company lies in its ability to adapt, whilst remaining fo- cused on its long-term goals. "is past year has tested our vision and commitment, but it has also been a testament to our strength as a company and as a team, in our obsession about our customers and dedicatiob to inves- tors," he said. "We shall continue to be themain drivers of a true digital Malta, where no one is left behind." At the Group level, bank loan repay- ments in 2020 amounted to €20 million, against which €16.6 million were drawn down from unutilised bank loan facili- ties. At subsidiary level, Cablenet suc- cessfully issued a €40 million 10-year unsecured bond on the Malta Stock Exchange. Total dividends paid out to shareholders by the Group amounted to the €12.2 million. e Group's cash and cash equivalents as at year end amounted to €25.2 mil- lion, an increase of €16.5 million com- pared to year end 2019.