THUNDER BAY, ON – Municipally-owned carrier Tbaytel told its city that it has paid a $17.4 million dividend to them when it released its 2016 report to the community at the company’s annual general meeting held Monday.
The quintuple-play operator (wireless, home phone, TV, broadband and security) also announced at the meeting that for 2017, in addition to a $17.375 million fixed annual dividend contribution, there will be a performance dividend payment of $175,000. Tbaytel will also be making a special dividend contribution in the amount of $1 million in 2017.
“Year over year, Tbaytel’s financial results demonstrate the company’s positive growth and success at providing high quality products and services with a level of customer service that far exceeds that of our major competitors,” says Municipal Service Board chair Jack Jamieson. “2016 was certainly no exception and if our positive growth is any indication of Tbaytel’s future direction then the outlook is very promising.”
The company earned $189 million in annual revenue in 2016, (a 3.6% increase over 2015), of which $120.5 million came from wireless customers and $68.5 million from wired households.
