“Finance Malta publishes its annual report for 2022…”

Malta

Finance Malta publishes its annual report for 2022

Finance Malta released its annual report for 2022, highlighting the organisation’s work throughout the year to promote Malta as an international financial centre and to contribute to the development of the Maltese financial services sector. For Finance Malta, the year under review was characterised by a high level of activity, leading to an outstanding track record on both the domestic and international front. The annual report was approved by the Founders of Finance Malta during the AGM held in April.

In 2022, Finance Malta played an important role in promoting Malta as a financial centre in the aftermath of the Covid-19 pandemic and following the removal of Malta from the FATF grey list. Finance Malta’s efforts were targeted towards highlighting Malta’s advantages and promoting its reputation as a safe, reliable, and cost-effective jurisdiction. To achieve this end, along with showcasing Malta’s diverse portfolio of financial services and products, Finance Malta embarked on and executed a business development strategy that combined targeted digital marketing campaigns, public relations initiatives, international events and lobbying.

As part of its internationalisation strategy, Finance Malta was granted the ‘full member’ status within the World Alliance of Financial Centers (WAIFC) on the occasion of the WAIFC Board Meeting that was held in Casablanca, Morocco, on 9-21 October 2022. Finance Malta also contributed to the EU Roundtable of Financial Centres and Federations in Luxembourg on 21-22 November 2022.

During the year, Finance Malta participated in 30 in-person events, both locally and overseas. The Foundation, with the contribution of its members, promoted the jurisdiction in some 20 international events which covered all sectors of the financial services, from funds and asset management, to insurance, private wealth, FinTech and capital markets.

Locally, the Foundation hosted several sectoral networking events with the aim of gathering the local industry following the pandemic. These efforts culminated in the 15^th Annual Conference themed “Learning from the past: Looking to the Future”, that was addressed by 30 speakers and attended by over 300 delegates. Finance Malta further boosted its promotional efforts by participating in a number of events organised locally by its founding associations, members, government entities and other stakeholders.

Commenting on Finance Malta’s performance, Chairman George Vella remarked that: “2022 was the year in which we fully resumed our activities following the pandemic. We organized local gatherings for the various sectors of the industry, we have strongly increased our digital marketing activities and, most importantly, we are glad that many members of Finance Malta showed great interest in promoting the jurisdiction internationally, which is the core objective of Finance Malta. This shows that the industry appreciates our offering and is keen to work with us to attract business to Malta. We are extremely satisfied that this interest is further increasing in 2023: more and more members are keen in joining our delegations internationally and we will continue to provide them with such opportunities”.

Besides the impact of Finance Malta’s endeavours on the financial services sector at large, a total of 191 companies that are registered members of Finance Malta, including six companies that employ over 200 workers each, benefited from Finance Malta’s initiatives including representation and participation at international events, sponsorships, specialised training in marketing and PR, and direct networking opportunities.

Finance Malta membership is open to entities operating within the financial services and legal industry, and to those contributing to the growth that Malta’s financial services industry is experiencing through the work of Finance Malta.

Market News:

Farsons Group reports strong results in ‘remarkable recovery’

Simonds Farsons Cisk announced a pre-tax profit of €15.3 million, up from €12.2 million in the previous year, as the Group published its financial results for the year ending 31 January 2023. The Group’s turnover reached €118.2 million, an increase of 28.8 % from last year’s figure, with improved revenue across all areas of operation, the group said in a statement.

These improved results are significant given the particularly challenging global macroeconomic and geopolitical developments which the Group had to navigate through during the year. These included the impact of the Ukraine war and the lingering effects of Covid-19, to which the Group was highly exposed as a result of the impact of the pandemic on the hospitality and entertainment industry. Notwithstanding these circumstances, the Farsons Group increased its volumes across various beverage and food categories.

In the year under review, the Farsons Group registered a particularly strong performance in two sectors: the production of beer and other beverages, as well as in the importation of foods and drinks. Despite having to contend with significant increases in the cost of services and raw material at global level, the Group managed to maintain its prices at reasonable level and enhance its competitive market position.

Commenting on the Group’s performance, Farsons Group Chairman Louis A. Farrugia said: “Once again we are able to report improved results. We have achieved this because of the dedication of our workforce to the job at hand. Farsons has managed to adapt its work practices and culture to the times we live in without in any way compromising our values and our commitment to quality. We produce or import, market and sell many different consumer products. Over the years we have built a bond of trust with our partners and principals, and earned our reputation of being both reliable and responsible. I am therefore most pleased to commend all our employees for their hard work, commitment and success.”

Farsons Group CEO Norman Aquilina said that: “Despite having had to navigate through another turbulent year, we delivered on our financial projections, registering an improved set of results. In the face of adversity, we have demonstrated resilience and commitment by responding with a number of defensive and proactive measures resulting in solid growth, with all companies within the Group contributing to this solid performance.”

The Group’s annual performance also reflects the transformation implemented over the previous two decades, which saw the Farsons Group being transformed into a diverse and modern operation producing and selling high quality beverage and food products, both locally and internationally. This growth required massive investment in land and buildings, plant and equipment, and a high level of leadership, skills and training.

Encouraged by the results achieved during the financial year under review, the Board of Directors will be recommending a final dividend of €3.96 million (equivalent to €0.11 per share) to shareholders at the forthcoming Annual General Meeting. Together with the interim dividend of €1.62 million (€0.045 per share), this will make for total dividends in respect of the financial year ending 31 January, 2023 of €5.58 million or €0.155 per share.

The Farsons Group will be holding its Annual General Meeting on 15 June 2023 at the Trident Park Conference Hall.

Malta Company Announcements:

Malta International Airport p.l.c

A final net dividend of €0.012 per share will be paid not later than 26^th May 2023 to all shareholders as at close of trading on 4^th April 2023.

Main Street Complex p.l.c

The Board of directors are recommending the payment of a final net dividend of €0.0109 per share to all shareholders as at close of trading of 30^th May 2023. Shareholders as are expected to receive their dividend by not later than 16^th June 2023 following approval during the upcoming Annual General Meeting which is scheduled to be held on 12^th June 2023.

Grand Harbour Marina p.l.c

Grand Harbour Marina plc declared a net interim dividend of €0.01716 per share payable on 30th May 2023 to all shareholders as at close of trading 19th May 2023.

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