Issue link: https://maltatoday.uberflip.com/i/1498067
4 NEWS 27.4.2023 THE Convenience Shop (Holding) p.l.c. registered a profit before tax of €2.6 million for the year ended 31 Decem- ber 2022, up 63% on the previous year, whilst noting that total Revenue, includ- ing both owned and franchise outlets, has increased by 18% to €74.5m when compared to €63.3m reported last year. Commenting on these results, the Chief Executive Officer of e Conven- ience Shop (Holding) p.l.c., Martin Agi- us, stated that 2022 was a momentous year for the Convenience Shop Group. "Guided by our vision to be Malta's retailer of choice in the convenience sector by providing a modern, reliable and customer-centric experience to our shoppers, our strategic priorities fo- cused on increasing retail space growth and the Average Transaction Value (ATV) whilst simultaneously widening our category development and keeping rigorous control on cost and cash man- agement," he said. "is aligns perfectly with our mission to make daily life easier for our cus- tomers through proximity, availability, and our caring team. Our strong per- formance for the year is also evidenced by an 11% increase in customer foot- fall, the takeover of two outlets and the opening of six new franchise outlets in 2022, highlighting the success of our franchise concept." "ese significant achievements would not have been possible without the sup- port of our dedicated people who are the Company's primary driving force in the successful delivery of results," Agius said. e expansion of the franchise net- work momentum, together with higher customer reachability has also signifi- cantly contributed to this year's strong financial performance. During 2022, the Group generated a total net cash from operations of €3.5m, being €788k higher than prior year. Following a year of heavy investment in 2021, the Group has again invest- ed €810k in the purchase of furniture, plant and equipment as well as intangi- ble assets related to the acquisition of new outlets. Financing related cash outflows were mainly related to payments of lease liabilities of €1.2m, dividends paid amounting to €625k, interest payments of €441k and bank loan repayments of €141k. e Group continues to maintain its strong balance sheet with total assets amounting to €33.6m. Current liquid assets remained at €7.7m in line with last year, mainly comprising of stock for resale amounting to €3.2m, trade and other receivables of €3.4m and cash and cash equivalents of €1.2m. Current liabilities decreased by 7% from €11.3m to €10.6m primarily due to the full settlement of tax balance from the Covid era and tight control on sup- plier credit terms. is helped improve the Group's li- quidity or current ratio by 4.6 percent- age points over last year. Ben Muscat, Chairperson of e Con- venience Shop (Holding) p.l.c. said: "un- doubtedly, 2022 has been a successful year, despite facing challenges associat- ed with the post-COVID recovery peri- od exacerbated by international politi- cal turmoil, inflationary pressures and supply chain disruptions. Our focused strategy enabled us to weather the pre- vailing inflationary environment result- ing mainly from global supply chain disruptions following the Covid pan- demic and the ongoing Russia-Ukraine dispute. In spite of the effect of the foregoing, we remain highly competi- tive whilst retaining focus on business growth, customer-centricity, and cor- porate governance. Having now weath- ered 'the storm', we believe that we are now well-positioned to capitalise on the opportunities that lie ahead." For more information, one can visit: https://www.theconvenienceshop.com/ wp-content/uploads/2023/04/Finan- cial-Statements-FY-2022.pdf to access the full 2022 Annual Report and Con- solidated Financial Statements. The Convenience Shop (Holding) p.l.c. registers €2.6 million (+63%) pre-tax profits for 2022 MAPFRE MSV Life has launched an- other insurance-based investment product, The Guaranteed Capital & Income Plan 2026. The Guaranteed Capital & Income Plan 2026 is a single contribution in- vestment linked to FONDMAPFRE GUARANTÍA V, F. I., a fund man- aged by MAPFRE ASSET MANAGE- MENT, SGIIC, S. A. and is designed to distribute three payments equiva- lent of 3.2% of the initial contribution and repay the initial contribution at maturity. These distributions, along with the initial investment amount, are guar- anteed by MAPFRE Inversión SV, SA, provided that the plan is held to ma- turity. The Guaranteed Capital & Income Plan 2026 has a fixed duration of just over 3 years and two months with the investment commencing on 16 May 2023 and maturing on the 22 July 2026, making it an ideal investment product for individuals of all ages, particularly those who seek a predictable income stream and capital preservation. Customers can apply for this Plan with a minimum investment of €5,000 from any MAPFRE MSV Life Office as well as from insurance intermedi- aries of MAPFRE MSV Life. Further information can be obtained from the MAPFRE MSV Life website at www. mapfre.com.mt. Subscriptions for The Guaranteed Capital & Income Plan 2026 open on the 26th April and close on the 8th May 2023 or earlier if the offer is fully taken up. Commenting on this new invest- ment opportunity, Etienne Sciberras, CEO of MAPFRE MSV Life said: "We are delighted to bring this investment opportunity to our customers and to the Maltese market. This new insur- ance-based investment product is the result of the opportunities and syner- gies open to us as part of the MAP- FRE Group. This new product, offer- ing an annual income payment as well as a capital guarantee has been made possible thanks to a Fund launched by MAPFRE Assessment Management that we are using as the linked fund to the Guaranteed Capital and Income Plan 2026. MAPFRE MSV Life is com- mitted to providing its customers with innovative and reliable savings and investment products. The Guar- anteed Capital & Income Plan 2026 addresses the need of those seeking an investment that guarantees an an- nual return and the capital invested at maturity." MAPFRE MSV Life launches The Guaranteed Capital & Income Plan 2026