Maltese company Simonds Farsons Cisk plc – who make the country’s most popular beer – saw a profit increase of 5 per cent more than last year. The group banked €99.8 million for the financial year ending 31st January 2019.
The success comes despite growing competition within the local beverage market, but Farsons says it’s managed to increase its imported beer, spirits and wine portfolio in response to changing consumer preferences.
Chief Executive Officer Norman Aquilina said: “While such results are encouraging and serve to motivate us to pursue further our strategic path, we shall continue to face our fair share of challenges. These include an ever increasing aggressive competition across all business sectors, rapidly evolving consumer tastes and preferences, as well as environmental and health considerations and resultant legislative pressures.”
“Also, there are, of course, both moral and business imperatives to do more than just increase profits. Indeed, we are obliged to take a long-term view which considers the interest of a wide spectrum of stakeholders ranging from our consumers, our work force, our suppliers, our shareholders and the broader community as a whole. Over the last year Farsons continued to implement wide-ranging initiatives to embrace our social and environmental responsibilities in practice, as enshrined in our mission statement, and this through increasingly operating our business units in a healthier, cleaner and more sustainable manner.”
Farsons Group Chairman Louis A Farrugia also added:“Innovation remains high on the Group’s agenda, as management continues to prioritise the development of products which proactively meet, and exceed, the ever evolving expectations of our consumers. Another growth pillar is internationalisation. Following significant investments made by the Group, further tapping a growing number of export markets remains a priority, although this presents new and ongoing challenges that nonetheless continue to be addressed.”
It’s been a big year for the company, which celebrated it’s 90th year in business this year. And it’s not slowing down. An Old Brewhouse project – which started last year – is in the works which will include a microbrewery, a Brew Pub, a Visitor Attraction, depicting Farsons history and story as well as a cafeteria/bistro. It’s expected to open in the first quarter of 2021.