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3 NEWS 18.5.2023 FROM PAGE 1 In the year under review, the Farsons Group regis- tered 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, Far- sons Group Chairman Lou- is 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 with- out in any way compro- mising our values and our commitment to quality. We produce or import, market and sell many different con- sumer products. Over the years we have built a bond of trust with our partners and principals, and earned our reputation of being both re- liable and responsible. I am therefore most pleased to commend all our employees for their hard work, commit- ment and success." Farsons Group CEO Nor- man Aquilina said that: "De- spite having had to navigate through another turbulent year, we delivered on our financial projections, reg- istering an improved set of results. In the face of adversity, we have demonstrated resil- ience and commitment by responding with a number of defensive and proactive measures resulting in solid growth, with all companies within the Group contrib- uting to this solid perfor- mance." Aquilina said: "is was predominantly achieved as a result of added focus on ex- ecution, better balancing out our scale with agility, and a step-up in both productivity and reach to market, along with ongoing investments in our brands." e Group's annual perfor- mance also reflects the trans- formation implemented over the previous two decades, which saw the Farsons Group being transformed into a di- verse and modern operation producing and selling high quality beverage and food products, both locally and internationally. is growth required massive investment in land and buildings, plant and equipment, and a high level of leadership, skills and training. Over the past years, Far- sons Group has been heavily engaged in the redevelop- ment of its old brewery. e Brewhouse represents a significant milestone in the Group's development, to- gether with e Brewhouse Visitor Experience. e Bre- whouse will also be hosting Farsons Group's new craft beer venture. e installation and com- missioning of a microbrew- ery was completed in July 2022 with the assistance of a Caspary brew master. Encouraged by the results achieved during the financial year under review, the Board of Directors will be recom- mending a final dividend of €3.96 million (equivalent to €0.11 per share) to share- holders 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. e Farsons Group will be holding its Annual General Meeting on 15 June 2023 at the Trident Park Conference Hall. Farsons Group Board of Directors to recommend final dividend of €3.96m Central Bank of Malta at EBRD constituency meeting Prime Minister pledges continued support on energy prices at hotel opening GOVERNMENT will continue sup- porting the economy by cushioning the impact of energy prices, Prime Minister Robert Abela said when opening a new 106-room hotel in St Julians. He welcomed the €25 million invest- ment and insisted government will con- tinue providing incentives to encourage private investment. Abela said the government will con- tinue working to address the challenge posed by seasonality in the tourism sec- tor. However, he also noted the record number of tourist arrivals in the first quarter of the year, which was higher than the pre-pandemic period in 2019. "We have to look at growth that is sus- tainable with a clear vision to attract quality tourists to Malta in a more beau- tiful and cleaner country," Abela said. e hotel forms part of the internation- al chain called AC Hotel by Marriott and is operated by the Baystreet Group. It is situated in Paceville. Amenities include indoor and outdoor swimming pools. Abela was accompanied by his wife Lydia Abela, who cut the ribbon, and Tourism Minister Clayton Bartolo. Albert Galea, CEO of the Baystreet Group, said he was proud that the hotel chain that can be found in 31 countries is now also present in Malta. Robert Abela met staff at the new AC Hotel by Marriott AT this year's European Bank for Reconstruction and Development's (EBRD) 32nd Annual Meeting, held between 16-18 May 2023 in Samar- kand, Uzbekistan, the Central Bank of Malta Governor and Governor of the EBRD was represented by Mr Matthew Zammit and Mr Ahmed Hnesh from the Eurosystem and In- ternational Relations Office of the Bank. Comprising the central event within the Bank's calendar, the annual meet- ing fulfils several functions, chief amongst which are the gathering of the Board of Governors (the EBRD's highest decision-making body) and the Business Forum. e latter event attracts a wide va- riety of government, private sector and civil society organisations from around the world. Established in 1991, the EBRD is an institution dedicated to promoting the transition towards a sustainable economy and the emergence of a strong private sector. e Bank is owned by 71 countries, the European Union and the Europe- an Investment Bank. It operates in nearly 40 economies in Europe, Asia and Africa that are committed to and applying the principles of multipar- ty democracy, pluralism and market economics. As emphasised by EBRD President Odile Renaud-Basso and several of the Bank's directors and governors, this year's annual meeting represent- ed one of the most significant occa- sions in the history of the Bank, amid the invasion of Ukraine and the diffi- cult global financial conditions.

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