Farsons Group’s Strong 2022 Performance: €15.3M Pre-Tax Profit
Simonds Farsons Cisk plc has announced impressive financial results for 2022, reporting a pre-tax profit of €15.3 million, up from €12.2 million in the previous year. The group’s turnover also witnessed a significant increase, reaching €118.2 million, reflecting growth across all areas of operation.
Despite facing challenging global macroeconomic and geopolitical conditions, including the impact of the Ukraine war and the ongoing effects of the Covid-19 pandemic, Farsons Group managed to navigate through these difficulties successfully. The hospitality and entertainment industry, in particular, was highly affected by the pandemic, making Farsons’ achievements even more notable.
The group highlighted its strong performance in beer and beverage production, as well as in the importation of food and drinks. Despite substantial cost increases at the global level, Farsons managed to maintain reasonable prices and enhance its competitive market position.
Louis A. Farrugia, Chairman of Farsons Group, attributed these positive results to the dedication of the workforce and the company’s ability to adapt to the current times without compromising its values and commitment to quality.
Norman Aquilina, CEO of Farsons Group, emphasized the company’s resilience and commitment, which translated into solid growth. He acknowledged the implementation of defensive and proactive measures to navigate the challenges effectively.
The group’s annual performance is a testament to the transformation it has undergone over the past two decades. Farsons Group has evolved into a diverse and modern operation, producing and selling high-quality beverage and food products both locally and internationally. This transformation required substantial investments in land, buildings, plant and equipment, as well as strong leadership, skills, and training.
In recent years, Farsons Group has been heavily engaged in the redevelopment of its old brewery, including the establishment of a new craft beer venture. The installation and commissioning of a microbrewery, with the assistance of a Caspary brew master, was completed in July 2022.
The board of directors will recommend a final dividend of €3.96 million (€0.11 per share) to shareholders at the upcoming Annual General Meeting. Combined with the interim dividend of €1.62 million (€0.045 per share), the total dividends for the financial year ending on January 31, 2023, will amount to €5.58 million or €0.155 per share.
Farsons Group’s Annual General Meeting is scheduled to take place on June 15, 2023, at the Trident Park Conference Hall.
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