Hal Mann Vella Group plc has recorded a 17 per cent increase in profit before tax in 2024, amounting to over €4 million. 

The group is involved in activities relating to the manufacture and business of stone, marble and granite as well as the manufacture of terrazzo and pre-cast elements. It also owns and leases a number of commercial properties and is also involved in property development and resale.

Its turnover for 2024 exceeded €27 million, which was underpinned by sustained growth in its balance sheet, with total assets reaching €138 million and equity standing at €54 million. 

Rising operational costs presented challenges for the group, particularly as wage-induced inflation continued to climb. 

“Employers across industries, including our own, have been compelled to increase salaries to attract and retain talent, yet high employee turnover and skills mismatches have impacted overall productivity,” its financial report reads.

Hal Mann Vella Group plc made investments in advanced plant and machinery, which are nearing completion and will soon enable them to expand their production capabilities and introduce new products to the market. 

After recording a one-off profit on sale of investment property of €1.1 million, the group registered a consolidated profit before tax of €4 million in 2024 compared to €3.46 million in the previous year.

An increase in administrative expenses in 2024 was primarily driven by wage inflation and a growing workforce, as they continued to invest in their  operations. Additionally, a higher year-on-year provisioning charge, demonstrating our prudent financial approach, contributed to the overall rise in costs. Increased depreciation expenses also reflected their ongoing investments in manufacturing and technological advancements. Despite these inflationary pressures, the group remained focused on cost management and operational efficiency.

In November 2014, the company issued €30 million 5 per cent secured bonds of a nominal value of €100 per bond, issued at par in terms of a prospectus dated 6th October 2014. The 2014 bonds were fully redeemed on 6th November 2024.

In terms of a prospectus dated 28 June 2024 the company issued €23 million 5.35 per cent secured bonds of a nominal value of €100 per bond, issued at par. The 5.35 per cent bonds shall be redeemed on 26th July 2034 provided that the company reserves the right to redeem on an earlier redemption date.

Read the full report here.