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The Global Financial Services Group and its subsidiaries on Friday announced its results for the financial year ended 31 December 2004.
The results show a significant increase in earnings, with a profit before tax and amortisation of goodwill of Lm 1,363,954. After charging tax of Lm299,337 and amortisation of goodwill amounting to Lm160,244, this translates into a profit for 2004 of Lm904,373. This represents an increase of Lm669,206 (+285 %) over 2003. Operating profit has also increased from Lm247,234 in 2003 to Lm 1,270,882 in 2004 (+414%).
Earnings per share increased to 6.8 cents in 2004 from 1.8 cents in 2003.
The Global Group’s net asset base continued to strengthen from Lm8,996,432 at the end of 2003 to Lm9,970,029 (+10.8%) at 31 December 2004. The results for the year represent a return on shareholders’ funds of 9.07%.
Through its various subsidiaries, the Global Group has diversified its revenue streams and is involved in the provision of investment services, fund advisory services, life and health insurance, insurance broking and property management and advisory services.
In view of these results the directors are recommending a 200% increase in dividend over the previous year by way of a payment of a final gross dividend of Lm396,226 (net dividend of Lm257,547). This represents a gross dividend of 3 cents per share (representing a net payment of 1.95 cents per share), for approval of the shareholders at the next Annual General Meeting. This net dividend will be payable to shareholders who are on the Register of Members of the Company on 14 April 2005.
“The Global Group has delivered some strong results and we are in excellent shape,” comments Global Group Chief Executive Officer Nicholas Portelli “These results are very encouraging but do not, in any way make us complacent. Quite the opposite, they encourage us to keep on working towards attaining consistent and even better results in the years to come. The directors, management and staff continue to look forward to positive results in the future and remain committed to maximising shareholders’ return on investment. The directors’ recommendation, subject to approval of the shareholders at the next Annual General Meeting, of a significantly higher dividend compared to previous years is testament of this commitment.”
Global Group Chairman Christopher J. Pace added “We are building on the positive results achieved in the previous year and are constantly seeking innovative and profitable avenues of revenue which complement our operations. Our strategy is focused, clear and well placed and we now have some excellent results to work and improve upon. We have a strong balance sheet and I am looking forward with confidence to the Group achieving another successful year in 2005 which will further enhance shareholder value.”
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