Simonds Farsons Cisk plc, the holding company of Farsons Group, on Thursday held its 77th Annual General Meeting (AGM), during which it approved a new dividend distribution.

The AGM, held at the Trident Park Conference Hall, brought together shareholders, Board members, and the executive management of the company.

This followed the release of Farsons Group’s Annual Report for the financial year ended 31st January 2024, published last month. During the financial year, it recorded €16.1 million in pre-tax profit, 4.9 per cent more than the previous year. Revenue for the year surged by 12.4 per cent to €132.9 million, yet increased business activity also prompted cost of sales to increase to €83.4 million.

As stated in the report, the Board of Directors had also resolved to recommend the distribution of a final net dividend of €3,960,000, equivalent to €0.11 per ordinary share of €0.30.

During the AGM, the proposal for the distribution was approved by shareholders, with the dividend to be paid on Friday (today) to shareholders of Simonds Farsons Cisk registered on its register of members as at the close of trading on 5th June 2024.

When combined with the €1.8 million (€0.05 per ordinary share) interim dividend approved last September and paid in October, this will make for total dividends in respect of the financial year ended 31st January 2024 to €5,760,000 or €0.16 per ordinary share.

Speaking about Farsons Group’s performance, Chairman Louis A. Farrugia said that the group “has not only resumed normal dividend payments in the previous financial year but has also witnessed a continued increase across all trading activities during the current financial year.”

“This trajectory underscores our robust recovery and sustained growth momentum,” he added.

He also emphasised the restoration and transformation of The Brewhouse into a multi-purpose leisure destination, noting that this is a significant milestone for the group, particularly in terms of enhancing community and shareholder value through strategic investments.

Farsons Group CEO Norman Aquilina remarked: “In the face of a challenging market and increasing competition, Farsons Group continued to progress through focused investments in our brands and a strong commitment to driving value and enhancing productivity.”

While speaking on the group’s activities and results, Mr Aquilina also pointed out the focus on environmental, social, and governance (ESG) principles and good corporate citizenship.

Established in 1928, Farsons Group is engaged in the brewing, production, sale and distribution of branded beers and beverages, the importation, wholesale and retail of food and beverages, the operation of franchised food retailing establishments, as well as property development.