Issue link: https://maltatoday.uberflip.com/i/537300
Events 48 maltatoday, Sunday, 5 July 2015 Made Good sponsor ALIVE2015 challenge Tumas Group announces major investment at Hilton Malta Argus parent company in Bermuda reports earnings of $16.0 million Made Good is one of the main sponsors of the ALIVE2015 Cy- cling Challenge for Cancer. This challenge involves 47 cyclists crossing seven countries in seven days and will finish in Sutton, UK on July 18. This year the challenge is being done in order to raise funds for cancer research for chil- dren. Apart from the wish to support such a worthy cause, J.Calleja Ltd, the importers of the Made Good brand in Malta, believed there was a perfect match between the brand and the challenge these cyclists are going to face. In order to sustain such a physi- cally demanding challenge, one must not only train but also fuel up on energy and nutrients. The Made Good raw fruit and nut bars have helped and will continue to help the whole team do just that. Apart from tasting great, the bars, which are available in four dif- ferent flavours, are also free from added sugar, gluten and GMOs. Furthermore they are organic, rich in fiber and essential fatty ac- ids as well as certified vegan and kosher. The whole product range has received rave reviews from the cyclists who consume Made Good products before, during and after their cycling route. J.Calleja Ltd are extremely proud to support the cyclists as well as the backup team who are sacrific- ing their time and energy in order to collect funds for such a valid cause and would like to encourage everyone to follow suit. Donations to ALIVE 2015 can be made online www.alivechar- ity.com or via SMS on 50617364 - €2.33 / 50618081 - €4.66 / 50618913 - €6.99/ 50619208 - €11.65 Argus Group Holdings Limited today announced a net profit of $16.0 million for year ended March 31, 2015 compared to $13.3 million in the year prior. In addition, the Board has declared an interim dividend of eight cents per share. Alison Hill, Chief Executive Of- ficer of the Argus Group, com- ments: "Last year was another year of strong and steady growth for the Argus Group. This solid result, which was negatively impacted by Hurricanes Fay and Gonzalo, re- flects the benefits of the geographic and product diversification within the Group. Vanessa Borg, Chief Executive, Argus Insurance Agencies Lim- ited, says: "Market conditions were favourable in Malta this year with opportunities for growth and ex- pansion in our Euro- pean operations. We were pleased that the Malta office produced positive results despite the downward pres- sure on global rates. Our re-branding of Fogg Insurance Agen- cies Limited to Argus Insurance Agencies Limited (AIAL) was very successful and supports our long- term strategy to seek further opportunities in the local insurance market." Shareholders' Equity now stands at $118.3 million, representing an increase from $106.1 million in the year prior. The result for the year represents a return on aver- age Shareholders' Equity of 14.3 percent compared to 13.2 percent for the previous year. Earnings per share for the year were $0.76 compared to $0.63 last year. As of March 31, 2015, Total Assets including Segregated Fund Assets stood at $2.2 billion. Net premiums written increased by $13.4 million or 11 per- cent, arising from a combi- nation of new business and very high client retention levels. Net benefits and claims increased by $5.3 million due primarily to hurricane related claims in the Bermuda Property and Casualty business. As part of Argus' risk mitigation programme, the Group has comprehensive rein- surance arrangements in place which reduce the fi- nancial impact of such significant insurable events. Investment income increased by $7.9 million when compared to the prior year aided by further declines in global interest rates, which re- sulted in unrealised gains in the fixed income portfolios being re- ported for the year. The Group's disciplined asset liability matching policy means that these unreal- ised investment gains are partially offset by the effect of changes to interest rate assumptions used to determine the annuity reserves. Operating expenses increased by $5.2 million driven by signifi- cant one-off investments as the Group builds a global world-class infrastructure to support strate- gic initiatives and growth for the future. Amortisation, deprecia- tion and impairment increased by $8.0 million due to one-off write downs totalling $9.0 mil- lion on certain intangible assets and property and equipment as a result of prudent actions taken following the annual review of the carrying value of the Group's assets. Tumas Group has announced an intensive programme of invest- ment at the Hilton Ma lta hotel which will reach a pea k in 2016. The tota l investment of around €15 million will prov ide 293 re- f urbished bedrooms, new food and beverage outlets, extended executive lounge facilities as well as replacing elevators. The project will a lso include invest- ment in new engineering tech- nolog y to prov ide a more energ y ef f icient operation. Due to this extensive project of ref urbishment, the hotel will be closed for a shor t period of ten weeks from the 6 Februar y to the 15 April 2016. This in- vestment will ensure the facili- ties prov ided at Hilton Ma lta will continue to be among the best of fered any where in the world. Mat thew Mu llan, Genera l Manager of Hilton Ma lta, said, "Hilton Ma lta has posi- tioned itself as the premium hotel in Ma lta and this signif i- cant upgrade to the facilities will ensure we are best placed to continue to prov ide world class qua lit y and ser v ice to our guests. We are ver y proud of the many achievements and awards this hotel has received over recent times and now we will be able to build on this suc- cess with this investment." (from left) – Maurizia Grima (Personal Lines & HR Opera- tions Analyst), Vanessa Borg (Chief Executive) & Mark At- tard (Accountant) at Argus Insurance Agencies Limited Seven countries in seven days are planned in the ALIVE2015 Cycling Challenge for Cancer