Phoenicia Group on Monday announced that it has recorded €163,535 in pre-tax profit during 2022, a sharp €1.8 million improvement from 2021’s €1.6 million pre-tax loss.

The hospitality group’s improved performance was largely a result of an 83.5 per cent increase in revenue from 2021’s €8 million, amounting to €14.7 million. This was brought about by a resurgence within Malta's hospitality industry following the COVID-19 pandemic, which saw revenue from accommodation jump up to €9.6 million in 2022 (2021: €5.1 million).

Cost of sales were also on the rise, increasing from €5.8 million in 2021 to €8.4 million in 2022. This largely came as a result of a 41.3 per cent rise in staff costs from the previous year’s figures, amounting to €4.2 million in 2022. The group reported an increase in its employees related to guest services, from 96 in 2021 to 132 in 2022.

This was also the case for administrative expenses as well as selling and marketing expenses during the year, which totalled €4.1 million and €657,499, respectively.

Phoenicia Group also saw a drop in other income, which primarily includes Government grants comprising of the COVID-19 wage supplement scheme. This amounted to €1.1 million in 2021, yet more than halved in 2022 to €507,124 as Government retained the scheme up until the end of May 2022.

The group’s total assets expanded to €128.2 million from 2021’s €97.9 million.

Phoenicia Group is comprised of Phoenicia Hotel Company Limited, Phoenicia Malta Limited, and Phoenicia Finance Company plc. It is primarily concerned with the ownership and operation of The Phoenicia Malta, a five-star hotel located in Floriana that was opened in 1947 as Malta’s first luxury hotel.