Hili Ventures subsidiary Premier Capital plc, which holds the licence to operate the McDonald’s franchise in Malta, Greece, Estonia, Latvia, Lithuania and Romania, generated profit before tax of €27 million for the first six months of 2024, a 27 per cent increase over the same period of 2023.

This was generated on the back of a 12.1 per cent increase in revenue to €340 million.

The group registered EBITDA of €47.3 million for the period from January to June 2024, when compared to EBITDA of €40.1 million a year prior.

The strong financial results come amidst an expansion strategy that saw it open seven new outlets in the 12 months to June 2024, bringing the total number of restaurants operated to 185. and an increase in the number of customers served to 43 million (H1 2023: 41 million).

In its interim financial statement, signed by Chairman and CEO Melo Hili, the Board of Directors noted the “very positive momentum” of the group, which invested €12 million in new stores and the refurbishment of existing ones over the period, including the incorporation of technologies such as Mobile Order and Pay.

Premier Capital also stated that “in line with McDonald’s Accelerating the Arches growth strategy, the group made significant efforts to maximise its marketing, with €17 million (June 2023: €15.2 million) spent on strengthening its industry leadership position, driving loyalty and maintaining the brand’s image and trust.”

The group said that while it is “strongly vigilant over the impact of macro-economic considerations on its profitability, it remains optimistic that its projections for the financial year 2024 are attainable.”

This statement seems to be backed up by a review of the company’s financial forecasts and results over the last 12 months.

These show that while it had recorded 46.9 per cent of its total 2023 revenue during the first six months of that year – when it marginally beat its revenue forecast – it has generated revenues equivalent to 47.5 per cent of its end-of-year targets during the first half of 2024.