GlobalCapital registers €16m growth in asset base

GlobalCapital Chairman Paolo Catalfamo

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GlobalCapital plc grew its asset base by €16 million in 2019, which reached €154m, during a highly successful year for the group which has mainly focused on the provision of life and health insurance services.

The Company also registered a pre-tax profit of €2m, doubling the figure for the previous year, while total equity also increased to €20m.

GlobalCapital Chairman Paolo Catalfamo said: “These extremely positive results are down to restructuring the business and taking the strategic decision to grow our insurance business. We also achieved a positive return on our investments.

“We will continue to make more changes this year to ensure that the Company continues to move forward and achieve further success.”

GlobalCapital has also appointed a major international consulting firm to assist in the preparation of a holistic strategic plan with the aim of addressing certain legacy issues and support the consolidation and future growth of the business.  A draft high-level proposal has been prepared and is currently being discussed with the Malta Financial Services Authority given the various regulatory approvals that will likely be required for its implementation.

Meanwhile, the Company has been extremely agile in adapting to the situation created by the Covid-19 pandemic. All functions were reconfigured in remote mode and staff will resume office operations this week after they were tested for the virus by a medical profession using a rapid testing kit.