Issue link: https://maltatoday.uberflip.com/i/1506723
5 NEWS 31.8.2023 THE Convenience Shop (Holding) p.l.c., Mal- ta's leading convenience retailer, has reported its interim financial results for the period between 1 January 2023 and 30 June 2023, showcasing a robust performance that reflects the Group's dedication to growth, efficiency, and customer centricity. e Group achieved a turnover of €22.5 mil- lion during the first half of 2023, marking a re- markable 16% increase compared to the same period in 2022. is strong growth was a result of the shop sales recovery post the Covid era, enhanced margins through supplier mix , and effective containment of overheads. Gross profit as a percentage of sales expanded by 1.4 percent- age points to 14.5%, equivalent to €711K in abso- lute terms. Furthermore, the Group's operating profit reached €1.6 million, representing 6.9% of turnover, a notable improvement of 0.9 percent- age points over the first half of the previous year. Profit before tax surged to €1.4 million, signify- ing a substantial 57% increase or €515K. As of 30 June 2023, the Group's total assets stood at €36.5 million, underlining its solid fi- nancial foundation. e company upheld its commitment to meeting all obligations to suppli- ers and stakeholders while achieving significant progress in enhancing its liquidity ratio, which increased from 0.7 at the end of 2022 to 0.9 at the end of June 2023. e Convenience Shop (Holding) p.l.c. remains dedicated to serving its customers and investing in its employees and systems to elevate the shop- ping experience and streamline internal process- es. Over the upcoming months, the Group plans to maintain and augment profitability by seizing new shopper opportunities With 88 outlets cur- rently operational, , the Group will continue ex- panding its franchise network by the end of 2023. Additionally, the Group is investing €1.8 million in state-of-the-art refrigeration equipment, air-conditioning, shop shelving, and machinery to further equip its outlets. After the Annual General Meeting held on 21 July 2023, the Company disbursed a net final div- idend of €1 million for the financial year 2022. For the first half of 2023, the Directors are declar- ing a net interim dividend of €462K (equivalent to €0.015 per share), reflecting a substantial 54% increase over the dividend declared in August 2022. Speaking about the interim results, CEO Mar- tin Agius said, "It is with a collective sense of sat- isfaction that we announce these strong interim results, reflecting the resilience and dedication of our team in navigating challenges and capitaliz- ing on opportunities. e Group's distinct strate- gies, encompassing both 'Owned' and 'Franchise' businesses, have effectively driven profit growth and shareholder value." The Convenience Shop (Holding) p.l.c. announces strong interim financial results The Convenience Shop (Holding) p.l.c., has reported its interim financial results for 2023, showcasing a robust performance that reflects the Group's dedication to growth, efficiency, and customer centricity Request for Proposals Opportunity to develop the ex-Rokna site in Paceville Interested parties can request a copy of the RFP on: rfpinvitation@gmail.com Closing Date: 15 September 2023