Issue link: https://maltatoday.uberflip.com/i/1521709
maltatoday | SUNDAY • 2 JUNE 2024 7 COMMERCIAL Farsons Group registered steady growth despite competitive market pressures THE Board of Directors of the Farsons Group is pleased to an- nounce the financial results for the fiscal year ending January 31, 2024 (FY 2024). The Farsons Group has navi- gated the economic and compet- itive environment with prudence, achieving significant growth and profitability. Louis A. Farrugia, Chairman of the Group, stated, "I am pleased to report that the trend of increased business across our trading activities has contin- ued throughout the financial year 2024, yielding a profit before tax attributable to our shareholders of €16 million." FY 2024 saw the Group's turno- ver reach a record €132.9 million, a 12.4% increase over the pre- vious year. The Beverage sector experienced an 8.8% revenue in- crease, while the food sector grew by 23%, driven by the opening of new franchised outlets and rising demand. The Group has also en- hanced its investment in human resources, resulting in an increase of €3.3 million in employee costs, reflecting an 8.8% rise in average remuneration per employee. The workforce grew by 5%, averaging 954 full-time equivalents (FTE) for FY 2024. Group profit before taxation reached €16 million, marking a 5% increase from FY 2023, with an overall return on turnover decreasing from 14.1% to 13.1%. This reduction was a consequence of margin com- pression reflecting the Group's prudence in absorbing part of the additional costs incurred to miti- gate price increases to its clients. EBITDA for the year was €27.8 million, a 5.1% increase from the previous year. Commenting on these results, Group CEO Nor- man Aquilina stated, "We made significant progress in sharpen- ing our strategic position and strengthening our winning cul- ture, delivering positive results." At the end of FY 2024, net bor- rowings stood at €14.4 million, with a debt-to-equity ratio of 9.7%. The Group maintained a robust liquidity position and en- sured timely payments to sup- pliers. Total equity increased to €148.7 million from €139.2 mil- lion in 2023, driven by retained profits. The Group has continued to re- invest in its business, most notably completing the restoration of the iconic Old Brewhouse into The Brewhouse. Apart from the Malta Stock Exchange "Company of the Year" award, The Brewhouse pro- ject, funded internally, has earned multiple awards, including Din l-Art Ħelwa's Prix d'Honneur. Significant green investments in a CO₂ recovery plant and a liqui- fied petroleum gas (LPG) storage and distribution system contin- ued alongside the acquisition of advanced photovoltaic panels and environmentally approved fleet replacements. Future major projects include a fully automat- ed logistics facility for its beverage business alongside, a new logistics centre and office block in Ħandaq for its food business, which are both expected to be completed by 2026. This latter facility will enhance warehousing capabilities and digital inventory manage- ment, supporting the expansion of the Group's food segment. Ombre Essentielle - The allure of Monochrome CHOOSING a colour is always a story of self-affirmation. It ex- presses a singular allure that sets the tone, and puts the wheels of a vision in motion. The colour of allure according to CHANEL can be interpreted in multiple rich ways, where every nuance is possi- ble. It is a signature look, naturally presented and expressed in every shade. Whether blue, red, beige or gold, each essential hue reveals an infinite palette of expression. "Deciding to wear a mono- chrome look demonstrates assur- ance and self-confidence." Cécile Paravina, Global Makeup Creative Partner of the House of CHANEL COMETES COLLECTIVE. A BOLD MONOCHROME Monochrome makes a statement that is far from monotonous. It has the power to express a colourful character. The audacity to assert allure with the essentials. With OMBRE ESSENTIELLE, Cécile Paravina sketches out a new gen- eration of eyeshadows. She culti- vates the idea that makeup is, in essence, the art of being yourself. And that there are a thousand ways to wear the same colour, just as there are a thousand ways to ex- press your allure. ONE OMBRE ESSENTIELLE, 14 ALLURES When Cécile Paravina designed the colour palette for the new OMBRE ESSENTIELLE, she drew inspiration from CHANEL's rich and timeless heritage. Working with the CHANEL Makeup Cre- ation Studio, she reinterpreted 14 shades, making a connection be- tween her own creative world and the House colour heritage with every one of them. ONE COLOUR, THREE STYLES OMBRE ESSENTIELLE, reima- gined by Cécile Paravina and the CHANEL Makeup Creation Stu- dio, explores monochrome from every angle. "Working with a sin- gle colour gives you the choice to concentrate on the shape and the application style," explains Cécile Paravina. The eyeshadows can therefore be applied in 3 differ- ent ways, leading to a multitude of expressions. A 3-in-1 prod- uct for allure at any time, and countless makeup looks. To ac- centuate every facet of OMBRE ESSENTIELLE, Cécile Paravina created the Blanc Perle multi-use top coat. Worn alone, this sheer shade illuminates the eyes with an iridescent finish Top-up Melita phone credit via a BOV ATM THE chances of running out of credit on your mobile phone are now even slimmer as Meli- ta has teamed up with Bank of Valletta to enable customers to top up using one of their 92 ATMs across Malta and Gozo. THIS seamless and us- er-friendly process allows Melita's top up plan custom- ers to top up their phones at any time — in values of €5, €10 or €20 — by following easy on-screen instructions at any BOV ATM. Melita Chief Commercial Of- ficer, Kevin Borg said: "We are committed to providing our customers with convenient and accessible services. Part- nering with Bank of Valletta allows us to extend the reach of our top-up services and en- sure users can easily stay con- nected at their convenience." BOV Head of Retail Network, Mr Geoffrey Ghigo welcomed this collaboration with Meli- ta and the possibility that the Bank's ATM network is offer- ing this added convenience to the esteemed Melita custom- ers. "With 92 ATMs across Malta and Gozo, BOV is dedicated to enhancing the accessibility and services available to the community," Mr Ghigo said. In addition to using BoV's ATMs, Melita's top up plan customers can also make use of another new feature to en- sure they never run out of credit. Customers who sign up for Auto Top Up through MyMelita can ensure their credit is topped up on a spe- cific day each month.