Issue link: https://maltatoday.uberflip.com/i/1379774
2 NEWS 3.6.2021 IN line with its investment in a digi- tal Malta, GO continued to roll out its future-proof technology to a further 25,000 homes and today, more than 150,000 homes have the opportunity to enjoy ultra-fast digital services from its Fibre-to-the-Home network. Works are also underway on a third submarine ca- ble which will make GO the first opera- tor in Malta to have links to France and Egypt, and completely transform the digital connectivity map of Malta. is was announced during GO's 23rd Annual General Meeting during which the company announced a strong finan- cial performance, despite the ongoing challenges, with targets being met and consequently recommended a 16-cent final net dividend for the financial year 2020, the highest dividend ever paid out to shareholders. e company also announced that earlier this month it submitted an ap- plication for admissibility to listing of a €60 million 2031 bond issue which will be available for subscription by GO shareholders on a preferential basis. e application was approved earlier this week. GO Chairman Samir Saied said that 2020 proved how vital GO's constant investment in its digital infrastructure has been, as it enabled the company to ensure fast, reliable and resilient con- nectivity, allowing people to remain emotionally connected during times when physical and social interaction was limited. "Like many other businesses, we had to be agile, innovative and responsive to keep people and businesses - connected to what matters most to them. We re- acted swiftly to the pandemic, rolling out several customer-centric initiatives to ensure that everyone, even non-GO customers, remained connected. e challenges made us even more deter- mined as a Group to continue deliver- ing immense value to our shareholders, and the Maltese community," Saied said. Addressing the 23rd AGM, Chief Ex- ecutive Officer Nikhil Patil reiterated how GO remains one of the best per- forming publicly listed companies in Malta. "Over a five-year period, between 2016 and 2020, GO's total sharehold- er return averaged 8.31% on an annu- alised basis which equates to close to €104.5 in dividends paid, excellent fi- nancial results obtained notwithstand- ing the period of intense organisational transformation." Patil said that despite the significant drop in international roaming traffic due to the travel restrictions which led to GO's local telecommunications seg- ment suffering a marginal decline of 0.9% compared to 2019, the Group still went on to generate revenue of €185.2 million, an increase of €7.4 million over the comparative year and a profit before tax of €20.9 million. "Our past and present investments continue to deliver additional value to GO and this year we invested €68.3 mil- lion, which is €19.1 million higher than the previous year," he said. Patil went on to explain how whilst weathering the pandemic and support- ing the community, GO still remained focused on its strategy as it successfully executed its top priorities for 2020 and delivered strong results across its four strategic pillars namely investing in a digital Malta, providing the best cus- tomer experience, becoming a digital enterprise, and minimising its environ- mental impact. "Focusing on providing the best cus- tomer experience, GO welcomed 5300 new broadband customers and 9500 mobile customers giving us the biggest market share in Malta by delivering greater value through products such as Android TV, Easy Buy and Smart WiFi," he said. "e third pillar is centred on becom- ing a digital enterprise because if we are going to stay true to our purpose to drive a digital Malta, we need to dig- itise ourselves. Today, around 69% of our customers are interacting with our products and services using our digital channels when 3 years ago, that number was less than 15%." GO's final pillar is aimed toward min- imising its environmental impact. To become a greener company, GO com- missioned a detailed study to assess its current carbon footprint and based on the outcomes, it is now committing to reducing its total emissions by 21% by 2024 and 42% by 2029. "As we continue to implement a num- ber of targeted initiatives, I am con- fident we will become a greener and more sustainable company," Patil said. "By obsessing about our customers, we continued to grow market share and revenues, by acting like owners we maintained the utmost cost discipline across the Group, and by working to- gether as one team, we mitigated the impacts of the pandemic and posted strong financial results." Third submarine cable to make GO first telecoms operator in Malta with links to France and Egypt RICK Hunkin, Chief Executive Officer of Bank of Valletta, has been re-elected Chairman of the Malta Bankers' Asso- ciation (MBA) for the coming year. His appointment was announced following the Association's annual general meet- ing held on the 26th May 2021. Rick Hunkin said he hoped that at such challenging and momentous cir- cumstances for the world economy in general and the Maltese economy and its banking sector in particular, the As- sociation remains fully committed to actively promote cooperation, dialogue and advocacy between its members, the competent authorities and other rele- vant stakeholders. He said he was looking forward to continue working with all MBA mem- ber banks in developing an agenda that serves as an additional backbone to the Maltese economy in recovering from the challenging obstacles brought about by the COVID-19 pandemic. "As one banking industry we have a challenge to stand by the country and its people during these difficult times, by continuously bolstering the econ- omy, while sustaining a profitable ap- proach," he said. He highlighted the importance of the MBA's role during current circumstanc- es, where all local banks, irrespective of their operating challenges, co-operated through the MBA to ensure that the lo- cal community and businesses continue to receive the highest standards of inno- vative and secure banking services. Hunkin also reaffirmed the Associ- ation's co-operation with the relevant authorities in the ongoing fight against money laundering and terrorist fund- ing, as a fundamental part of its utmost commitment to improve and safeguard the solid reputation of the Maltese fi- nancial services sector. In his capacity as MBA Chairman, Rick Hunkin also represents the Association on the Board of the European Banking Federation. e MBA is a full member of the Federation which is committed to supporting policies that foster eco- nomic growth and jobs, and unites 32 national banking associations in Europe that represent some 4,500 banks em- ploying about 2.1 million people and making loans in excess of €20 trillion available to the European economy. BOV CEO Rick Hunkin re-elected Chairman of the MBA