The Malta Independent on Sunday
Farsons reports improved performance to shareholders at AGM
At the 71st annual general meeting of Simonds Farsons Cisk, Directors reported an increased performance for the Group to its shareholders. Group turnover registered a robust eight per cent increase reaching €95 million while profit before taxation increased by 18 per cent reaching €13.5 million.
Farsons’ Chairman Louis A. Farrugia reported on the financial highlights of the year and the process followed to spin-off Trident Estates as a separate public listed company in line with the shareholders’ approval at the previous AGM held in June 2017.
Group CEO Norman Aquilina gave a presentation of the Group’s performance and, whilst reporting that all businesses registered improvements in their performance, he emphasised that the intensity of competitive activity was in- creasing. Nevertheless, the Group was seeking growth opportunities both in the local and export markets. “Farsons is well placed to maximise the benefits of its multi-million investment programme and is further improving its brand proposition,” Aquilina said.
During the meeting, both Dr Max Ganado and Roderick Chalmers were uncontested and re-appointed as Directors. The composition of the Board remained unchanged; Baroness Christiane Ramsay Pergola and Michael Farrugia, who retired in terms of the company’s articles of association, were reconfirmed in their post.
The annual general meeting approved the Board’s recommendation of a final dividend of €2.6 million, bringing the total declared dividend for the year to €3.6 million, up from the previous year’s €3.4 million.