Stivala Group, a locally based group primarily involved in the property letting, development and hospitality sectors, registered a consolidated pre-tax profit of €44 million, a substantial decrease of approximately 40 per cent compared to the €73 million achieved in 2023.

The results were released in the group’s Annual Report and Consolidated Financial Statements for the financial year ending 31st December 2024.

Stivala Group is owns and leases several commercial, residential, and office properties. These include various apartments and hotels, namely Bayview Hotel, Blubay Apartments, Blubay Suites, Sliema Hotel, Azur Hotel, and ST Tower, the majority of which are in Gżira or Sliema.

Describing 2024 as a ‘satisfactory’ financial year, the group reported a revenue of €29 million, down from €33 million in the previous year. The group’s main revenue streams are hospitality and rental income, with rental income slightly exceeding 2023 levels.

Revenue from the hospitality segment increased significantly by 17 per cent, attributed mainly to the normalisation of activity following the lifting of COVID-19 restrictions.

Cost of sales and services rose to €8.2 million, up from the €7.2 million recorded in 2023. Distribution and selling costs amounted to €132,059, a minimal decrease of €541 from the €132,600 reported in 2023.

Together with administrative and operating costs, the group registered an operating profit of €47.8 million, a decrease of approximately 22 per cent when compared to the €61.6 million registered in 2023.

The board of directors did not declare a dividend for the year under review, compared to a €12 million dividend (net of tax) distributed in 2023. As a result, retained earnings increased significantly, with the group reporting €97.3 million in retained profits as of the reporting date, up from €67.1 million in 2023.

Looking ahead to 2025, the group plans to launch the Novotel Hotel, a four-star, 300-room property which will mark the first time the international brand operates in Malta