The Annual General Meeting of Global Financial Services Group held at the Hilton Hotel, approved the Group’s 2004 financial statements and confirmed the payment of a gross dividend of three cents per share, equivalent to a net dividend of 1.95 cents net dividend per share, as proposed by the board.
The announcement follows the successful results obtained by the Global Group in 2004.
“2004 has been a very successful year and reflects the group’s continued focus in achieving positive results for our shareholders. Our dividend has increased by 200 per cent and confirms our commitment to maximising shareholders’ return and our promise to share this success with our shareholders,” said Global Financial Services Group chairman Christopher J. Pace. “I am pleased to state that the Global Group has made a very encouraging start to the year. We are now looking ahead and working hard to ensure that 2005 is yet another successful year,” he added.
The board of directors, presided over by Mr Pace, presented their report as well as the audited financial statements for the year ended 31 December 2004 where the group declared a net profit – before tax and amortisation of goodwill – of Lm 1.36 million, compared to Lm 0.5 million in 2003.
The annual general meeting also approved the re-election of the retiring members of the board of directors.
The board consists of Pace (chairman), Muni Krishna T. Reddy Gosk (deputy chairman), Dawood A. Rawat, Andrew Borg Cardona, James Blake, Gary Marshall and Nicholas Ashford Hodges.
During the meeting, CEO Nicholas Portelli gave a presentation and analysis of the group’s 2004 results. Mr Portelli said that the Global Group’s innovative and diversified approach led to the attainment of very positive results. He added that this strategy would be further pursued in order that 2005 will, yet again, be another successful year. A video presentation covering the numerous products and services launched by the Global Group during the course of 2004 was also presented to the shareholders present.
The Global Financial Services Group is made up of Globe Financial Management Ltd, British American Insurance Co (Malta) Ltd, BUPA Agencies Ltd, Globe Fund Advisors Ltd, and MY Insurance Brokers Ltd, all of which are licensed by The Malta Financial Services Authority. The Group also includes Quadrant Ltd, which operates as a property management and consultancy company.
Highlights of 2004 results
• Profit before tax and amortisation of goodwill of Lm 1,363,954 for 2004 (2003: Lm512,000)
• Profit after charging tax and amortisation of goodwill of Lm904,373 for 2004 (2003: Lm235,167)
• Earnings per share increased to 6.8 cents in 2004 from 1.8 cents in 2003
• Net asset base at 31 December 2004 totalled Lm9,970,029 (2003: Lm8,996,432)
• Return on shareholders’ funds of 9.07 per cent (2003: 2.61 per cent)
• 200 per cent increase over 2003 by way of a final gross dividend payment of Lm396,226 (net dividend of Lm257,547) representing a gross dividend of three cents per share equivalent to a net payment of 1.95 cents per share.
For further information contact Daniela Farrugia Randon on 2131 0088.