Issue link: https://maltatoday.uberflip.com/i/1367395
11 maltatoday | SUNDAY • 2 MAY 2021 NEWS OVER 40 YEARS OLD? APPLY FOR THE COVID19 VACCINE VACCIN.GOV.MT OR SEND YOUR ID CARD NUMBER BY SMS ON: 99180045 99180044 TO GET VACCINATED IN MALTA TO GET VACCINATED IN GOZO subject to a planning appeal by the Fort Cam- bridge Residents Associ- ation. Midi is in the main owned by Alf. Mizzi & Sons (17%), MAPFRE MSV Life (12%), Gasan Enterprises (11%), Mark Weingard (8.9%), and Riz- zo Farrugia & Co, (6%). The Eden Leisure Group, owned by the Decesare family, felt the brunt of the COVID pandemic on its entertainment and hospitality empire. The airport closures to Inter- national travel forced the company into seeking €4 million in COVID guar- antee funds to finance its working capital. The group's hotels were forced to close in March 2020 and then reopened in June 2020, with oth- er mandated closures for its cinemas, bowling alley and gym in the St George's Bay Area. The impact resulted in a net loss of €7.4 million, due to a decrease of 73% in revenues from 2019. HH Finance, the ve- hicle for Luke Chetcu- ti's Paceville hotel Hu- go's, reported a pre-tax loss of €7 million, down from a €13 million prof- it the year before, largely reflecting losses from a property revaluation of its Hugo's Hotel. HH direc- tors said the COVID pan- demic's effects on tourism impacted the hotel busi- ness earnings, so it lopped off €9 million from the value of the hotel, which now stands at €36 million. The year earlier, it had revalued the hotel by €12 million, taking its value up to €45 million. HH Fi- nance leases out the hotel to a fellow subsidiary, for €2 million a year. The Xuereb family's AX Group, which owns some €330 million in assets through its hotels, elderly homes, and other com- mercial properties, as well as ownership in various business operations, reg- istered a pre-tax loss of €8.2 million compared to its €6.4m profit in 2019. The business downturn lopped off 44% of reve- nue down to €29 million, large on account of the impact on internation- al travel and cruise liner tourism, where the group owns various hotels and is an associate company at Valletta Cruise Port. In contrast, revenue from construction increased 24% to €6 million, while income from healthcare was unchanged at €5.9 million. AX registered meagre profits in con- struction and real estate divisions. It also procured an €8 million land under the COVID guarantee scheme from the Malta Development Bank. A positive performance was certainly registered by the food-store chain The Convenience Shop, which reported a "roll- ercoaster" business year in 2020: with 37 owned shops and 34 franchised shops on the islands, the group reported a decline in revenue in touristic ar- eas in the north, but still expanded footfall in the central and north regions. "The pandemic induced a change in customer be- haviour," directors said of the less frequent outlet visits but increased av- erage sales. "The group responded to this shift in customer spending patterns by launching an online shopping platform and adjusting opening hours in line wit customer requirements." By end-2020, the Con- venience Shop group reg- istered a pre-tax profit of €1 million on a turnover of €33 million. Originally, the group was expecting a similar €1.53m prof- it before COVID struck, so not a bad outcome for the supermarket business. The group, with assets of over €33 million, remains highly liquid (€1.1m in cash and equivalents) thanks to the nature of its business. The group also paid out a €700,000 divided from prior-year profits. Mem- bers of The Convenience Shop are also sharehold- ers in The Shoreline lux- ury development at Smart City, Xgħajra. mvella@mediatoday.com.mt