SD Holdings reports strong growth in revenue and operating earnings

SD Holdings, the parent company of the db Group, reported a post-tax profit of €17.4 million for the financial year ended 31 March, down by more than €1.2 million from the previous year despite stronger operating performance.

Revenue increased by 12% to €111.3 million, while EBITDA surged by 86% to €66.7 million, driven by growth across the group’s hospitality and food and beverage businesses. Hotel occupancy reached 87%, remaining above pre-pandemic levels, while turnover from the group’s restaurant operations and franchise brands, including Hard Rock and Starbucks, rose to €44.2 million.

The group ended the year with assets valued at €750 million and cash reserves of €98.5 million. It also launched a €60 million unsecured bond maturing in February 2031 with an annual interest rate of 5.2 per cent to help fund ongoing projects.

The results were published as the group’s St George’s Bay development nears completion.

BOV strengthens balance sheet as deposits hit €14.5bn

Bank of Valletta reported a pre-tax profit of €119.8 million for the first six months of 2026, down from €135.1 million in the corresponding period last year, as one-off factors weighed on its financial performance.

The bank said the decline was mainly driven by impairment charges, unfavourable fair value movements on part of its investment portfolio and the absence of one-off gains that had boosted the first half of 2025. Chairman Gordon Cordina said these factors masked the bank’s underlying operating strength, describing the results as evidence of the resilience of its business model.

During the period, customer deposits increased to €14.5 billion, net loans and advances reached €8.6 billion and total assets grew to €17.6 billion. Operating income stood at €251.3 million.

The board also declared an interim gross dividend of €0.0805 per share, amounting to €51.6 million, while the bank completed its largest-ever bond issue, raising €300 million through Senior Preferred Notes under its EMTN Programme.

Looking ahead, CEO Kenneth Farrugia said BOV is well placed to navigate a more competitive banking environment, citing its strong market position, solid capital base and continued investment in technology, cybersecurity and customer service. He added that the bank’s next strategy will build on its current direction while focusing on long-term growth and deeper customer relationships.

MIDI Meets Bond Repayment Commitments After Manoel Island Deal

MIDI has announced the full repayment of its €50 million secured bond, which reached maturity yesterday, marking the successful fulfilment of its obligations to bondholders.

The 4% bond was issued in 2016 and attracted strong investor interest, with subscriptions exceeding the amount on offer by €56 million.

The redemption follows the company’s recent agreement with the Government to terminate its Manoel Island concession in return for compensation of approximately €43 million. The conclusion of these negotiations was widely regarded as essential to ensuring the company had sufficient funds to meet its bond repayment commitments, particularly after concerns had been raised about the possibility of a default if an agreement was not reached.

MIDI has also strengthened its financial position through the sale of the T15 Building at Tigné Point to The 540 Hub Ltd for €5.5 million, as well as several commercial properties at Tigné Point to Basel Capital Ltd for €10.2 million.

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