This morning, Belize Telemedia Limited, aka Digi, held its 16th Annual General Meeting to report to its shareholders and citizens about how the state-owned telecoms company performed during the last financial year.
The past 12 months were the new Board of Directors' first as the stewards of the company, and they are reporting profit margins of 16.1 million dollars. That's 10.7 million more than the company's performance of the previous year. So, the new management was determined to turn things around for the company.
Viewers may remember that during last year's AGM, they broke the bad news that DIGI made meager profits during the worst parts of the COVID pandemic. So, the leaders set a target of an 8% rate of return for the following financial year. After completing all the calculations, they realized the company met and exceeded that by an additional 0.6%.
The Board of Directors presided over today's AGM, conducted via teleconference for their shareholders. 7News attended that virtual session, and here's what the Board Chairman had to say during his prepared remarks:
Markhelm Lizarraga - Chairman, BTL Board of Directors
"Ladies and gentlemen, this year's AGM hold special significance as it is the first occasion that your new Board of Directors has served its complete year, one complete year at the helm of the company. And I am extremely pleased to report to you today that BTL has had the solid financial year 2021/2022. BTL performed exceptionally well, despite all the challenges we've had locally and globally and despite all the challenging economic times and conditions. Our consolidated revenues were 141.3 million, providing a significant improvement in the company's net income, bringing it to 16.1 million for this fiscal year just past. This 16.1 million profit for BTL, ladies, and gentlemen, represents a 10.7 million or 197% increase from the previous year's figure of 5.4 million. As a result of this performance, the level of earnings per share has quadrupled to $0.29 from $0.07 the previous fiscal year. Our return on equity was 8.6%, or 80% improved as compared to the previous year. As a result of the improved financial performance, we are happy to announce that dividends per share will be doubled compared to the previous year. I am sure small shareholders will be especially pleased, Mr. Eusey."
