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Vision Investment Limited Appoints New Board Members

The impact that technology has on our working and everyday life here is immeasurable. This was stressed by Amalgamated Telecom Holdings Limited (ATH) chairman, Ajith Kodagoda in the Chairman’s report
01 Aug 2016 13:24
Vision Investment Limited Appoints New Board Members
Amalgamated Telecom Holdings Limited chairman Ajith Kodagoda.

The impact that technology has on our working and everyday life here is immeasurable.

This was stressed by Amalgamated Telecom Holdings Limited (ATH) chairman, Ajith Kodagoda in the Chairman’s report for the year 2015/2016.

Mr Kodagoda said they would lead the nation’s connectivity sector in staying ahead of this wave of development.

“In a challenging macroeconomic climate, we carried on with improving our business efficiency, preparing for new major project launches and securing sustainable returns for our shareholders.”

“Our investment programme is underpinned by a sound balance sheet, which is strong enough to withstand volatile currency fluctuations to maintain our position as Fiji’s flagship telecommunications service provider.”

He said ATH Group turned in another year of excellent results following on last year’s performance.

“The operating companies have performed well across the board,” Mr Kodagoda said.

“As a result, the group achieved increased revenues and achieved higher operating profits.

“While we continue to reap benefits from the consolidation and restructure phase the group implemented previously, we are still witnessing organic growth to our top line led by the continuing buoyant demand for data and Internet services.”

He said their recent expansionary efforts via the acquisitions of Telecom Services Kiribati Limited (TSKL), Datec (Fiji) Limited and its subsidiary company, Datec Australia Pty Limited were performing to expectations and also making positive contribution to the group’s operation.

“All these were accomplished during another year of tough competition and despite continued challenges in our traditional voice, messaging revenues and legacy revenues.”

Mr Kodagoda said continued growth of data and Internet services, associated internet and mobile apps were the prime drivers of growth and, therefore, the ATH growth strategy would continue to push the boundaries of these growth frontiers.

He said according to international trends, as reported by the ITU, telecommunications investment would have to continue to support increasing coverage and the demand for more bandwidth and services.

“This is particularly true for developing countries,” he said.

“While 4G wireless services are evolving from LTE to LTE Advanced, offering a boost in speeds, the 5G wireless technologies are now just over the horizon and will be deployed to accommodate the Internet of Things (IoT) ecosystem.

He said the IoT painted an exciting future prospect wearable technology, connected sensors, appliances, homes and cars leading to smart cities and smart nations.

Telecommunications operators and infrastructure providers are in pole-position to act as enablers for IoT ecosystem.

He said on the backdrop of excellent market performance across all our business segments, Group Revenue grew by 14.6 percent coming in at $356.2 million for the financial year 2016.

 

Dividends to shareholders

He said in line with the excellent financial performance delivered by the Group during financial year 2016 the board of directors has resolved to recommend, for shareholder approval, a final dividend amounting to $21.1 million.

“The board of directors has resolved to recommend, for shareholder approval, a final dividend amounting to $21.1 million.

“This is in addition to the interim dividends of $12.66 million that were paid, translating to a dividend payout of 41.2 percent of net profit, and total dividend per share of 8 cents.”

 

EDITED BY: RUSIATE MATAIKA

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