PRINCE RUPERT – On Tuesday, broadband, TV and home phone provider CityWest presented a $600,000 distribution payment to its sole shareholder, the City of Prince Rupert.
“We’re very happy to increase our distribution payment to the city this year,” said Chris Marett, CEO of CityWest, in a release. “It’s an indicator of how well we’re doing, and how far we’ve come as one of the leading companies of Northern B.C.”
This year’s dividend is a 50% increase over the previous year.
The larger payment is a result of CityWest’s healthy financial state, which is a result of a growing subscriber base, increases in month-to-month and year-over-year revenue, and effective control over costs, explained the company.
Over the past year, CityWest has strengthened its network area, which now expands west to Calgary and south to Seattle. Additionally, it has launched new products like Quantum Gigabit, completed over 50% of the fibre build in Prince Rupert, re-opened its storefront in Kitimat, and negotiated a five-year collective agreement that consolidated three unions into one.
“As a community, we should be proud of the fact that we have a local telecommunications company, employing more local residents, circulating more local dollars into the regional economy, and providing a direct benefit to the shareholder, the City of Prince Rupert, and by extension to the community at large,” said Bob Long, CityWest’s board chair.
Looking into 2020, CityWest plans to expand its Wi-Fi services and its fibre footprint in Prince Rupert, while also launching services in new communities like Kitwanga and South Hazelton.
“We are entering the new year in a very strong financial position, and we are looking forward to providing our new and current customers with great products and services,” said Marett.
Since it spun out into a corporation in 2005, CityWest has provided the City of Prince Rupert with $8.1 million in dividends and distribution payments, as well as over $1.9 million in local taxes and levies
Pictured above are (left to right): Rhoda Witherly, director; Bob Long, chair; Chris Marett, CEO; Corinne Bomben, director; and Bob Thompson, director. Photo courtesy CityWest.
