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maltatoday | SUNDAY • 30 MARCH 2025 7 COMMERCIAL Atlas Insurance celebrates Employee Appreciation Day with emphasis on core values ATLAS Insurance continued its tradition of celebrating Employ- ee Appreciation Day, a yearly event dedicated to recognising the hard work and dedication of its team. The event acknowl- edged the efforts of its employ- ees and emphasised its com- mitment to core values, such as making a positive impact, while prioritising employee well-be- ing. This year's Employee Appreci- ation Day featured a series of en- gaging activities designed to give TeamAtlas a refreshing break from the daily routine, strength- en team bonds, and enhance the company's culture of unity and respect. The festivities included a variety of small team activities, relaxing back massages, and a grazing table with an assortment of delicious nibbles and cakes, offering a unique experience for everyone. Adding an element of fun and surprise, a gift lottery al- lowed employees to win various prizes. Matthew von Brockdorff, Managing Director and CEO of Atlas Insurance, highlighted the importance of the day: "For us, Employee Appreciation Day is not just an annual observance but a genuine acknowledgment of our team's integral role in achieving our collective goals. This special day is dedicated to actively demonstrating our gratitude, reinforcing our belief that the foundation of our suc- cess is built on the strength and happiness of our employees. As we move forward, we remain committed to continue ensuring a supportive and appreciative workplace, where every team member feels valued and recog- nised for their contributions." TeamAtlas enjoying the grazing table during Employee Appreciation Day Corinthia opens ultra- luxury hotel in Bucharest CORINTHIA Group, trading as International Hotel Investments p.l.c. (IHI), announces that its operating arm Corinthia Hotels has today officially opened an all- suite 5-star ultra-luxury Corin- thia Grand Hotel du Boulevard Bucharest in Romania's capital. Situated at the prestigious in- tersection of Calea Victoriei and Elisabeta Boulevard, Corin- thia Bucharest has been entirely repurposed to the highest stand- ards by its Romanian owners, NIRO Investment Group. The opening of Corinthia Bu- charest marks the brand's third luxury hotel opening in four months along with The Surrey, a Corinthia Hotel, in New York's Upper East Side, and Corinthia Grand Hotel Astoria in Brussels. Corinthia's involvement in the project has been handled by QP, the Group's leading design, engi- neering and project management company, and now, by Corinthia Hotels Limited, which will oper- ate the hotel on behalf of its own- ers. Corinthia Bucharest is also home to a trio of extraordinary venues – Sass' Restaurant & Lounge, Boulevard 73, and Her- itage Bar – adding a new dimen- sion to the culinary scene in Ro- mania's capital. Boulevard 73 occupies what was formerly the hotel's grand ballroom, where ornate ceilings and crystal chandeliers provide a majestic backdrop for an immer- sive culinary experience, while Sass' Restaurant & Lounge is an extension of the international- ly acclaimed Sass' Café Monaco, bringing maximalist Mediterra- nean flair to Bucharest in a chic baroque-style space. The Herit- age Bar stands as a testament to Bucharest's golden age, offering an elegant afternoon tea service daily, as well as a signature cock- tail menu inspired by the city's history. The hotel also features Corin- thia Spa, Bucharest, offering an exclusive sanctuary for restor- ing balance and vitality, a fully equipped gym, and two private treatment rooms. Corinthia Group also recently announced plans to plans to op- erate a landmark 102-storey hotel and residential project under de- velopment in the heart of Dubai, while its recently-formed part- nership with Action Real Estate Company of Kuwait has acquired two boutique hotel properties to- talling 100 keys in a prime loca- tion in Beverly Hills, California. BOV announces record profits and dividends for 2024 BANK of Valletta achieved a re- cord performance for financial year 2024, with profit before tax of €302.4 million, representing a growth of 20.2% when compared to FY2023. This was announced during a press conference hosted by BOV Chairperson Dr Gordon Cordina, CEO Kenneth Farrugia and CFO Kevin Cardona. The main highlights can be summa- rised in the following points: • Profit before Tax: Prof- it before tax for FY2024 amounted to €302.4 mil- lion, up from €251.6 mil- lion in 2023, reflecting a 10.1% increase in oper- ating revenues and con- tained cost growth. • Dividend: The Board of Directors will be recom- mending a final gross div- idend of €0.1314 per share, bringing the total dividend for FY2024 to €0.2238 per share, up by 92.5% from the 2023 level; this equates to a distribution of €76.7 million from H2 profits (€49.9 million net). Com- bined with the interim distribution, the total gross dividend payout amounts to €130.7 million (€84.9 million net). • Bonus Issue: The Board will also recommend a bonus share issue of one (1) share for every ten (10) shares held. This is subject to regulatory approval. • Share Buy-Back: The Board will be proposing a share-buyback initiative to increase the liquidity of the Bank's equity instrument in the market, without cancelling shares. This is subject to regulatory ap- proval. • Bond Issue: The Board will also be considering a further issuance of Bonds (Tranche 2) out of the Eu- ro Medium Term Bond (EMTB) programme of up to €250 million. • Balance Sheet Growth: The Bank's balance sheet expanded to €15 billion (67.1% of GDP, and 107% that of all other domesti- cally oriented institutions taken together), while credit grew by €700 mil- lion during the year, with the Bank's interest rates remaining among the low- est in the euro area.