Issue link: https://maltatoday.uberflip.com/i/1520224
maltatoday | SUNDAY • 5 MAY 2024 6 COMMERCIAL The Convenience Shop Group's 2023 performance and future growth plans THE Convenience Shop Group, Malta's leading convenience retail chain, today announced outstanding financial results for the year ended December 31, 2023. The company report- ed a 10% increase in revenue to €46.7 million, driven by strong outlet sales growth and the ex- pansion of its successful fran- chise model. Profit before tax rose an im- pressive 14% to just under €3 million, while adjusted EBIT- DA climbed 15% to €4.6 mil- lion, reflecting the company's focus on operational excellence and cost management. The Convenience Shop Group's strong performance is a testament to its unwavering commitment to creating value for customers, franchisees, and stakeholders alike. By leverag- ing its robust business model, strategic partnerships, and in- novative solutions, the compa- ny continues to solidify its po- sition as a market leader in the convenience retail sector. "Our path is one of continu- ous growth and innovation," says Martin Agius, Chief Exec- utive Officer of The Conveni- ence Shop Group. "Thanks to the dedication of our team and the trust of our customers, we look to the future with confi- dence. Together, we will rede- fine convenience for Malta and beyond." Alan Schembri, Chief Finan- cial Officer, highlighted the company's robust financial position: "We have observed continuous improvement in all financial KPIs, enhancing our profitability, liquidity and gearing ratios, thereby consist- ently achieving record results year on year." A major growth driver in 2023 was the expansion of The Convenience Shop's retail net- work to 90 stores by year-end, providing more employment opportunities and greater con- venience across Malta. The company also welcomed sev- eral new franchisees drawn by its powerful procurement ca- pabilities and efficient business practices. "Our franchise model con- tinues to be a key driving force behind our success," continues Mr Agius. "In 2024, we plan to implement a new Co-Existence and Co-Prosperity acquisition model to capture opportunities with existing grocery stores." And as a responsible cor- porate entity, The Conveni- ence Shop continued its sus- tainability journey in 2023 by transitioning to biodegrada- ble bags, upgrading refrigera- tion systems and investing in eco-friendly technologies. Fur- ther sustainable initiatives will be announced this year. "We remain steadfast in our commitment to redefining convenience, exceeding cus- tomer expectations and creat- ing sustainable value for all our stakeholders," concludes Mr Agius. "With our innovative spirit and dedicated team, The Convenience Shop Group will continue solidifying its posi- tion as an industry leader." Enhancing Mediterranean olive farming resilience: The SOLEATECH Project THE SOLEATECH project aims to advance technological research in Mediterranean olive farming to bolster productivity, efficien- cy, and sustainability amid chal- lenges posed by climate change. This article outlines the project's objectives, methodology, and unique contributions, highlight- ing its significance in improving soil management, predicting crop yields, and mitigating environ- mental impacts through AI-driv- en decision support systems. SOLEATECH has been award- ed under the PRIMA MCST-TU- BITAK 2023 Joint Call For R&I Proposals, and, starting last De- cember, will be carried on for 2 years by the Turkish Bahçeşehir University, Faculty of Engineer- ing and Natural Sciences, and the Maltese company WES TRADE, in continuity with the already existing collaboration agreement among the parties and the cur- rent activities already in place in the application of Artificial Intel- ligence to Agriculture. The cultivation of olive trees is a cornerstone of agriculture in the Mediterranean region. How- ever, escalating climate change impacts, including water scarcity, soil degradation, and energy con- straints, threaten the livelihoods of olive farmers. The SOLEAT- ECH project responds to these challenges by harnessing technol- ogy to develop innovative solu- tions for sustainable olive farm- ing. In machine learning, statistical and mathematical methods are used to learn from datasets to make data-driven predictions/ decisions. The unsupervised learning algorithms such as Ar- tificial Neural Network (ANNs), clustering, genetic algorithm, and deep learning and use unlabeled datasets enable the use of the in- put and output variables without previous knowledge about them. Machine learning algorithms are significant as they enable us to anticipate efficient solutions, by helping the farmers and stake- holders to enhance their decisions by adopting sustainable agricul- tural practices. These comprise crucial choices, especially the use of digital technologies including Internet of things (IoT), Artificial Intelligence (AI), and cloud com- puting. This study focuses on the specific application of olive trees. The dynamics of olive ripening will be investigated by combin- ing the climate data in addition to the real-time sensor informa- tion coming from IRRIGOPTI- MAL system -developed by WES TRADE team- which considers a set of predefined data provided by agronomists and weather fore- casts. The data gathered from the sensors will be used as the input for the Decision Support System based on decision making, to overcome the negative effects of the Climate Change and protect the olive trees and their products, while the qualitative characteris- tics of the olives and olive oil will be examined through the ANN Preventive Model – developed by the Bahçeşehir University ex- perts. SOLEATECH represents a sig- nificant step forward in address- ing the complex challenges fac- ing Mediterranean olive farming, by enhancing resilience through technology-driven solutions, the project offers practical tools for farmers to adapt to changing environmental conditions. The comparative analysis underscores the project's unique contribu- tions and potential for broader adoption across Mediterranean regions. Collaboration with stakehold- ers and expansion into additional Mediterranean regions will fur- ther validate the project's effec- tiveness and foster broader adop- tion. SOLEATECH part-financed by the Malta Council for Science and Technology and the Scientific Technological Research Council of Türkiye (TÜBİTAK) through the MCST- TÜBİTAK 2023 Joint Call for R&I projects. This initiative is part of the PRIMA Programme supported by the European Union