Libya crisis wipes out projected €10 million revenues for Maltese firm

Alberta Group, a firm which has specialised in security and fire alarms for 25 years, has faced a massive downturn as a result of the ongoing Libya crisis.

The company’s two branches in Libya, Alberta Group and ISTC Libya, have been forced to shut down as a result of the unrest in the country. All 25 of their Maltese employees were shipped back to base in Malta this summer while all 10 of their Libyan and Filipino employees in the country remain on the payroll.

“Our projected revenue from Libya for the plan year was €10 million,” Alberta Group director Liz Barbaro Sant told the Commercial Courier. “We have debts in excess of €500,000. All our open projects are halted, which will affect progress payments for all work in progress. All our business development plans and investments over the last year or so have now proven to be superfluous.”

While Barbaro Sant asserts that Alberta Group have always strived to keep the Libya and Malta operations financially separate, they are dealing with a severe case here  “The reality is that the blow to the Libyan branches will hit the Malta finances too,” she said.

The toppling of dictator Muammar Gaddafi had seemed like the start of a new, democratic age for Libya. Three years later though, the country finds itself with two governments, and the situation is not showing signs that it may improve anytime soon.

Liz Barbaro Sant was clear when she explained what the shutting down of the Libyan branches could spell for the Maltese branch.

“If the Libyan situation deteriorates, it will bring an untenable situation for us,” she said. “Losses would be too high for the Malta operation to support.”

She is not too optimistic that there will be change anytime soon either. “Libya was never an easy market to operate in but we believe that once this situation clears or improves, whenever that may be, it will be even more challenging and complex,” she said. “It will not simply be a matter of mobilising again and starting where we left off.”

After the rebels toppled Gaddafi back in 2011, the government helped Alberta Group out by giving them quicker tax refunds, easing their cash flow.

“Ideally something similar is done this time round and I am sure this is being considered,” Barbaro Sant said.