MaltaPost Chairman Joseph Said yesterday explained that there was no reason for believing that objectives for the year ending September 2008 will not be met since it had not experienced “any material events” that would have an impact on the company’s financial position which were worth mentioning.
Mr Said was speaking at the first Annual General Meeting after MaltaPost was listed on the Malta Stock Exchange in January 2008. Lombard Bank then took up the majority shareholding to 63.8 per cent while the rest are publicly owned. This was an acquisition of a further 3.8 per cent in the company’s shares and was interpreted as “a continued expression of confidence in MaltaPost by Lombard Bank”.
Yesterday’s AGM was mainly held to satisfy the Companies Act of 1995 which stated that each company was to hold at least one AGM each year and MaltaPost’s previous AGM had been held in November 2007. Back then, the company had achieved its performance objectives and in 2008, activity moved on the same lines.
Another AGM will be held on Tuesday 17 February 2009, during which the Audited Financial Statements of the Company for the year ended September 2008, will be presented for consideration and approval.
Interesting to note was the fact that MaltaPost registered a growth over last year in the packets, parcel and courier business with a global registered increase of 22 per cent. Domestic letter post traffic registered an increase of 1 per cent while international letter post decreased by six per cent when compared with the year before. Thus, the company has followed the trend of the global postal market, Mr Said explained.
The company’s postal revenue represented 85 per cent of the total company’s revenue while philately represented five per cent and other non-postal services including bill collection and financial services represented the remaining 10 per cent of the total revenue.
Mr Said also explained that the company handled 200,000 mail items on a daily basis.
It also achieved a 93.2 per cent score for inbound mail delivered within a day from arrival in Malta.
Meanwhile, MaltaPost aims at increasing and diversifying its range of services such as the encashing of government social welfare cheques while consolidating traditional revenue streams such as philately besides continuous efforts to control costs.
It also strives hard to meet its obligations including the provision of affordable services and of a high standard while remaining sensitive to its corporate social responsibilities in support of various voluntary and charitable organisations.
With reference to what the future holds, Mr Said pointed out that the complete liberalisation of the postal market is one of the company’s future challenges. Thus, the need for continuous enhancement of technology to meet direct competition is adamant. MaltaPost will also continue building on strong foundations by consolidating its existing revenue streams and expanding into new areas. This would only be possible through the company’s staff, the chairman pointed out. The board will therefore be looking into various schemes and options to ensure that staff is kept motivated and accordingly remunerated.
During yesterday’s AGM, Mr David Stellini and Mr Philip A Tabone were re-appointed as Directors on the Board of Directors of MaltaPost plc.