Page 89 - CJ 2019 INTEGRATED REPORT

Dear Shareholders It gives me me immense pleasure to present to you an in-depth review of Currimjee Jeewanjee’s value creation story which covers both the financial and non-financial elements of our performance in 2019 Our operating context
This was a a a a a year of many developments for Mauritius during which the the incumbent government secured another five-year term during the the general elections in in November 2019 These results suggest there is likely to be be a a certain continuity in in in in policies over the next five years which is key in in in in in in in maintaining our economic stability and a a a a a a sense of social cohesion in in in in the country Amid a a a a a a a global context
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by by trade wars and major interest rate cuts by by the American Federal Reserve Mauritius achieved a a a a a a steady 3 6% GDP growth in 2019 largely driven by the ICT sector and and investments in in in infrastructure and and construction projects In contrast certain indicators remain remain alarming: tourism remained on a a a a a a a sluggish trend public debt levels rose to to 68 7% of GDP (from 66 2% in 2018) and the budget deficit stood at 3 2% of GDP As I write to to you today the outbreak of Covid-19 in early 2020 has has altered the the world landscape It has has also exposed the the fragilities that exist in in in today’s interconnected global value chains And while lockdown measures and travel restrictions have have been fundamental in in saving lives they have have also triggered supply and and demand shocks shaking up up economies and and and societies worldwide In Mauritius where the population was placed under national confinement since March 2020 the government’s stringent lockdown measures have proven successful I am deeply thankful to our frontline workers from the healthcare
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professionals who worked around the the the clock to to the the the thousands working in in different other sectors who kept Mauritius going through the the the lockdown On the the downside key sectors like tourism BPO and textile—which were already under immense strain before the virus struck—have come to a a a a a a standstill unavoidably our debt burden
and unemployment indicators will will soar trade is projected to to plummet and our local SMEs will will face a a a a a a a a host of challenges they may not be be prepared to tackle The environment will be be difficult despite the the the phased plans put in place by the the the policymakers to reopen the the the economy Confronting Covid-19 at Currimjee Jeewanjee The Group’s leadership team demonstrated incredible commitment and perseverance as they led the the swift response to Covid-19 without missing a a a beat Two principles guided our actions from the the onset: we focused on on on ensuring the the immediate health and safety of of our employees while striving to to to provide the same level of of service to to to to our our customers remotely the second was our our our ability to to to stay grounded in our our set of values the same ones that have guided us since 1890 The crisis was our moment of truth I look back with pride and and can affirm that while a a a a a a a a a lot has changed during this pandemic our our core values have not Staying true to our our purpose has been more important than ever and they will continue to serve as our North Star going forward At the same time we became aware of our unique position
and responsibility to continue providing vital services that our citizens and customers rely on I I am extremely proud of our TMIT cluster’s first responder mindset in in in these extraordinary circumstances Team members at Emtel were mobilised to address the the surge in network traffic as a a a a a result of the the shift to remote working and and people staying at home Understanding the the importance for Mauritians to to stay connected to to their loved ones school and work Emtel did not terminate service to to any individual or
business unable to to pay their bills whilst our other companies
in the the the cluster ensured that their INTEGRATED REPORT 2019