Issue link: https://maltatoday.uberflip.com/i/1527188
maltatoday | SUNDAY • 29 SEPTEMBER 2024 6 COMMERCIAL Farsons Group reports encouraging interim results THE Farsons Group has reported encouraging financial results for the first half of the financial year, showcasing its ability to navi- gate evolving market conditions through the implementation of strategic initiatives. The Group's diverse business portfolio and proactive management efforts were instrumental in delivering this performance, despite chal- lenges in certain sectors. Group turnover for the first six months rose by 7%, to €69.8 mil- lion, with profit before tax up 18% to €9.6 million. Louis A Farrugia, Chairman of the Group, attrib- uted the growth to operational efficiencies and strategic invest- ments. The Beverage and Food segments saw increases of 6.6% and 8.2% with improved profit margins of 15.8% and 10.8% driv- en by higher demand and cost control measures. Earnings per share (EPS) rose by 17%, from €0.209 to €0.245, reflecting the Group's strong per- formance and commitment to maximizing shareholder returns. Group CEO Norman Aquilina, noted broad growth across all sec- tors in the first six months driven by changing demographics, in- creased tourism, and a growing number of supplier base. Despite fierce competition in the importa- tion sector, which impacted prof- it margins, the Group's diverse business model helped mitigate pressures. Strong performance in the manufacturing sector and franchised restaurants offset the margin mitigation, highlighting the Group's resilience and the success of its strategic initiatives focused on innovation, efficiency and margin optimization. Louis A Farrugia emphasized the Group's ongoing commit- ment to long-term growth and sustainability with focus on re- investing profits to modernize operations. Farsons is nearing completion of a major renewa- ble energy project to expand its photovoltaic capacity and is de- veloping a CO2 recovery plant to enhance sustainability and strengthen its production supply chain. The Group also remains committed to using returnable and refillable containers. A major investment in the food sector is underway with the con- struction of a state-of-the-art logistics center and office com- plex in Handaq, set for comple- tion by 2026. This will expand warehousing and operational ca- pacity to support the growth of subsidiaries Quintano Foods and Food Chain. The Group's strategic review of its Foods business, which is near- ing completion, includes evaluat- ing the potential benefits of struc- turing the expanded operations into a separate listed entity. The Board is expected to present de- tailed proposals to shareholders in the near future. Looking ahead to the second half of the financial year, the Group expects a moderation in performance due to seasonal fac- tors that typically affect demand in the latter part of the year. De- spite the increasingly competi- tive environment, the Board and management remain focused on delivering superior value through continued investment, innova- tion, sustainability, and opera- tional improvements. Malta Paralympian Vladyslava Kravchenko is Obama Foundation Leader MALTESE Paralympian Vladyslava Kravchenko is among 205 leaders se- lected to join the prestigious Obama Foundation Leaders programme, which trains participants around the world in leadership development and civic en- gagement to help build their skills and scale their work across public, private, and nonprofit sectors. Kravchenko will be one of just 36 Leaders participating in the Leaders Europe programme. Kravchenko is a two-time Paralym- pian and an award-winning Para sport advocate. In 2016 she became Malta's first fe- male swimmer and first female athlete since 1980 to represent the country at the Paralympic Games, repeating the feat in Tokyo 2020. She supported the formal re-establishment of the MPC in 2018 and has been a Board Member since then. At the beginning of September, she has been re-elected at the Paris 2024 Paralympic Games to the Athletes' Council of the International Paralym- pic Committee with the second highest vote count cast by competing athletes. As part of the six-month programme, the dedicated change-makers will con- vene virtually each week for interac- tive sessions designed to help them drive change by honing their leadership skills, building deep relationships with their peers, and engaging with thought leaders and members of the Obama Foundation community. They will also have an opportunity to participate in various virtual experienc- es and special events, including one- on-one conversations with experienced mentors in the Foundation's global net- work. Launched in 2020, Leaders Europe builds upon the legacy of the Obamas and their deep commitment to the re- gion, with a focus on shared values and ethical leadership. The programme fosters leaders who drive positive, innovative change in their communities throughout the con- tinent and across the globe. The 2024- 2025 class of Europe Leaders are work- ing across a broad range of issues and focus areas, including the climate crisis, democracy and civic engagement, di- versity and racial advocacy, refugee and disability rights, and more. Third Edition of The Junglebox x Warehouse HYROX Challenge raises €35,000 for Hospice Malta THE third edition of The Jungle Box X Warehouse Hyrox Challenge, held at the Campus Hub, University of Malta, raised €35,000 for Hospice Malta. This fitness event, running from 13th to 15th Sep- tember, attracted around 900 athletes who pushed their limits in endurance and functional exercises, all for a worthy cause. This year's HYROX Challenge upheld its tradition of blending competition with community spirit, supporting Hos- pice Malta, which offers free palliative care and holistic support to patients with life-limiting illnesses and their families. The funds will also be used to support the opening of St Michael Hospice which will be Malta's first palliative care centre. Alexia Demicoli, Chief Relations Of- ficer at Hospice Malta, expressed her gratitude: "We are truly grateful for the generosity of everyone involved in the 3rd edition of the HYROX Challenge. A big thank you to the amazing organizers – Junglebox, Warehouse, and Garmin Malta – for organizing this event once again. The funds raised will enable us to continue providing free palliative care to over 1,500 patients. Every contribution makes a real difference in the lives of our patients and their families." For more information about Hospice Malta and their mission and how one can donate, please visit www.hospice- malta.org.