Farsons Group Chairman Louis A. Farrugia revealed the group’s ‘positive’ results for the financial year that ended on 31st January 2022 during the group’s 75th annual general meeting.
The group reported a profit before tax of €12.2 million, reflecting an increase of €7.7 million over the previous year. Furthermore, the group’s turnover amounted to €91.8 million – an increase of 26 per cent compared to the €73 million recorded the previous year.
Group CEO Norman Aquilina attributed said results to ‘a strong focus on execution’, ‘a step-up in productivity’, and ‘containing expenditure’.
He went on to note that the outlook remains challenging, and that the group’s strategic direction is to return to a growth mindset. Mr Farrugia added that the global challenges which have created inflationary pressures and significant supply chain issues have affected business confidence and performance.
Despite this, Mr Farrugia continued, the Farsons Group is ‘encouraged by the resilience of its business, the strength of its portfolio, and the commitment and competence of its people.’
Farsons Group’s Board of Directors was reconfirmed during the same AGM.
Maria Elena Despott appointed Head of European Commission Representation in Malta
She brings 17 years of experience within the European Commission, combining expertise in legal, economic and communication affairs.
Warren Buffett’s NetJets promotes Stephen Pace to Captain
He began his aviation career in 1997, gaining experience across multiple areas of operations.
CEOs urged to look beyond glittering CVs when appointing directors
MBN panel explores how boards must adapt to match rising C-suite sophistication.
‘It’s about building something that actually makes people’s lives easier’ – Joe Ellul-Turner
He shares his journey from the startup life abroad to leading a tech-driven company that’s reshaping how Maltese buyers and ...
