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BTL records $16.1 million in profit

GeneralBTL records $16.1 million in profit

The net income of the company is up 197% from last year, when profits of only $5.4 million were recorded; shareholder dividends have doubled.

BELIZE CITY, Mon. Oct. 3, 2022

The state-owned telecommunications company, Belize Telemedia Limited (BTL), now rebranded as DIGI, has reported an 8.6% return on equity for its past fiscal year at its Annual General Meeting held last Friday virtually via Zoom. A net income of $16.1 million has been recorded—an increase of $10.7 million dollars from its 2021 performance. The chairman of the company’s board of directors, Markhelm Lizarraga, noted at the meeting that the past year has been the first full fiscal year with the new board of directors at the helm of the company, and that the measures implemented by this board to ensure the viability of BTL have already begun to bear fruit.

“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,” Lizarraga went on to announce during his presentation. He said that the improved financial performance can be attributed to a mix of improved efficiency in the delivery of service, lowered costs, and renegotiation of prices with suppliers. The managers of the company have fully cooperated in the effort to increase prudence in spending, Lizarraga further said.

“Everybody understands the need for us to become viable and profitable. And we couldn’t have done it without the contributions and efforts made by all our staff in this regard,” he noted.

The company is aiming to achieve an ROE of 9% during this current fiscal year and has since expanded its operations and ventured into new service areas—thus becoming the only quad-play provider in the country of Belize. The company is now offering content for viewing/listening this year following the acquisition of Alternative Networks Ltd., which they hope will offset the decrease in revenue derived from its voice and text message services due to increased usage of VOIP apps across Belize.

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