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.
‘We need to stop managing from crisis to crisis’ – Malta Chamber President
He said that if part of the sums spent on subsidies had been directed to renewable energy, energy efficiency, Malta ...
Malta is a ‘long-term commitment’, says Meliá Area Managing Director Alfredo Aznar
Spanish hotel chain says it wants to combine Malta’s local character with its own hospitality experience.
Malita Investments appoints Mark Vassallo as Non-Executive Director and Chairman
Mark Vassallo is a lawyer by profession.
‘Business must not become shorthand for questionable dealings’, says Quinco Holdings Executive Chairman
Norman Aquilina calls for a clear distinction between legitimate business and improper conduct.
