SD Holdings, the holding company of the Debono family’s holdings, better known as db Group, has published its annual report for the financial year ending 31st March 2023, which paints a picture of a group experiencing rapid expansion on all fronts.

This growth is facilitated through a “faster than expected” post-COVID recovery in the tourism and accommodation sectors, key areas of activity for the group, which owns and operates three hotels and a number of restaurants and cafés, including those operated through a franchise agreements with the internationally renowned brands Starbucks and Hard Rock Café.

It is also engaged in the provision of catering services and healthcare.

Tota revenue for the group reached €70.8 million, a 75.4 per cent increase over the revenue registered in the year ending in March 2022.

Hospitality revenue almost doubled, from €23.7 million in the preceding year to €40.8 million in the year under review.

SD Holdings described the results as “excellent” given the increase in salaries paid and overall higher price of goods and services.

The overall hotel portfolio occupancy increased to 85 per cent when compared to 54 per cent in 2022. These results are even better than the 81 per cent occupancy levels shown during the year ending 31st March 2020 before the disruptions brought about by the pandemic.

Meanwhile, the food and beverage sector also experienced better turnover figures, again almost doubling the figures achieved during the previous year.

Turnover for the year in this segment, which now includes two new restaurants in St Paul’s Bay and six new Starbucks locations across Malta, reached €25.4 million (€14.1 million in 2022).

The healthcare arm of the group also continued improving its results on a year-on-year basis.

“An upswing in demand for the services offered by the group within this sector was experienced with the opening of a the new 504-bed wing at the St Vincent de Paul residence, run and managed by of the group’s associated companies.”

Consequently, the financial year ending 2023 resulted in a profit after tax of €12.4 million when compared to €10.6 million recorded in the previous year.

These results were underpinned with a significant increase in the group’s headcount, from 660 in 2022 to 822 in the year under review.

SD Holdings said it looks forward to the coming year with optimism: “Results to date are better than the previous year and bookings are very encouraging.”

The group is also looking into expanding internationally with the opening of a new restaurant in London planned for 2024.

Just after the close of the 2023 financial year, db Group also received a positive outcome in a court case regarding its planned City Centre project on the former site of the Institute for Tourism Studies in St George’s Bay, which is currently under development.

Total assets for the group, which is one of the largest listed companies in Malta, increased to €376 million (2022: €350 million).

About SD Holdings

SD Holdings operates in the local market and predominantly in hospitality, leisure and catering activities. It operates and owns three hotels: the db Seabank Resort & Spa, the db San Antonio Hotel & Spa, and the Melior Boutique Hotel in Valletta.

It also operates a number of restaurants in Mellieħa Bay, namely Westreme, Amami and Blu Beach together with PickNGo as a general store. It also operates AKI Restaurant in Valletta, Nine Lives in Buġibba, LOA and Sonora in St Paul’s Bay and Amami Food Bar at University Campus.

The group also operates outlets under the Hard Rock Café franchise and the Starbucks franchise.

The group holds investment in associates which provide healthcare and catering services to hospitals and retirements homes and associates which provide catering services primarily to Air Malta and other airlines operating from Malta. Other associated investments operate in the hospitality and catering industries.

Earlier this year, Founder Silvio Debono and his wife transferred majority ownership in SD Holdings to their four children, Robert Debono, Victoria Debono, Alan Debono and David Debono, who since 2022 occupy senior positions in the group. Robert Debono currently serves as Group CEO.