“Bortex Group Posts Profit, Gears Up for Hotel and Retail Expansion…”

Driven by upcoming openings, projects, and a commitment to operational efficiency, the Group is poised for significant growth in 2025.

Bortex Group Finance plc announced its financial results for the year ending October 31, 2024, reporting a turnover of €23.9 million, EBITDA of €5.2 million, and a profit before tax of €2.1 million. The company’s diversified business model, encompassing manufacturing, retail, property management, and hospitality, contributed to its positive performance despite temporary disruptions in its hospitality division.

Diversified Divisions Drive Growth:

• Manufacturing, retail, and property management saw adjusted EBITDA increase to €2.3 million, up from €2 million in 2023.
• Retail experienced significant growth, driven by the Gagliardi brand, corporate wear, and school wear.
• New store openings, including The Shoreline Mall and optimized operations at Barlowes Department Store, boosted retail performance.
• The completed Mosta project generated steady retail growth and successful apartment rentals.

Hospitality Division Navigates Construction Disruptions:

• Hospitality operations faced temporary closures and disruptions due to construction at 1926 Le Soleil and a new hotel development.
• Despite these challenges, the hospitality segment maintained strong revenue levels.
• 1926 Le Soleil achieved €6.1 million in rooms revenue, with an increased average daily rate (ADR) of €139.26.
• 1926 Le Parisot saw a 15% increase in rooms revenue and a significantly higher ADR of €216.96.
• Overall hospitality EBITDA reached €2.9 million, exceeding budget expectations but slightly lower than the previous year due to disruptions and increased costs.

Future Expansion and Strategic Initiatives:

• Bortex plans to open two new luxury hotels under the 1926 brand in 2025: 1926 La Galerie in Valletta and 1926 Les Bains, a five-star spa hotel.
• The company will open a larger Bortex multi-brand store in Valletta and convert its current Valletta location into a second Ralph Lauren store.
• Bortex aims to expand its retail portfolio locally and internationally through strategic partnerships and optimized store operations.
• The fine dining restaurant within its hospitality division was awarded a Michelin Star.

Financial Position and Shareholder Returns:

• Shareholders approved a €128,048 performance bonus for executive directors.
• Directors approved an interim dividend of €490,850.
• Post year end, a new retail outlet was opened, and another retail location was purchased for future development.
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Earlier closure of offer period – Issue of €35,000,000 International Hotel Investments p.l.c.  5.30% Unsecured Bonds 2035

Following Company Announcement IHI376 (21 February 2025) regarding the €35,000,000 5.30% unsecured bonds 2035 issued by International Hotel Investments p.l.c., the company will exercise its right to close the offer period early.

As detailed in the prospectus (20 February 2025), specifically section 4.4, the offer will now close on 7 March 2025 at 12:00 hours. This early closure means the Intermediaries’ Offer planned for 21 March 2025 will not proceed. The Issuer will release the basis of acceptance by 17 March 2025.

Corinthia enters a partnership to co-develop and manage a landmark hotel and residential project in Dubai

Corinthia Group expands its global luxury portfolio with a significant development in Dubai. In partnership with Dubai General Properties, its subsidiaries, Corinthia Hotels and QP, will co-develop and manage a 102-story tower on Sheikh Zayed Road, one of the world’s tallest. The project will feature the Corinthia Dubai hotel, branded luxury residences, and a record-breaking sky pool over 500 meters high.

This 330,000-square-meter development will offer unparalleled views of Dubai’s landmarks. This initiative follows Corinthia’s recent hotel openings in Brussels and New York, and its partnership with Action Real Estate Company for further expansion in the Americas and beyond.

Simon Naudi, CEO of Corinthia Group, expressed his enthusiasm for the partnership, stating, “Corinthia is delighted that two of its principal companies are partnering with Dubai General Properties to create an iconic project at a prime location in the UAE. Our involvement in this special development marks another step forward for the group in line with our strategic vision to build and enhance our global reputation in the luxury hospitality and residential sector.”

This project follows the recent openings of two prominent Corinthia-branded hotels in Brussels and New York. Additionally, the company has recently entered into a partnership with Kuwaiti-based Action Real Estate Company, aimed at exploring investment opportunities for luxury hotels and real estate in prime locations across the Americas and beyond.

Eurozone Private Sector Growth Remains Fragile Amidst Persistent Inflation

The Eurozone’s private sector growth remained weak in February, barely staying above the expansion threshold, while inflationary pressures increased. This creates a dilemma for the ECB, which is expected to cut interest rates despite rising input costs and service price inflation.

Economic performance varied significantly across member states, with France contracting, Germany showing marginal growth, and Spain and Italy outperforming expectations.

Despite these economic challenges, markets reacted positively, with the euro strengthening and European stocks rebounding.

• Fragile Growth:
  • The Eurozone’s Composite PMI remained barely above 50, indicating minimal expansion.
  • Services activity slowed, driven by a decline in new business.
• Rising Inflation:
  • Input cost inflation accelerated, and service providers increased prices at the fastest rate in ten months.
  • Headline and core inflation remained above ECB targets, complicating rate cut decisions.
• Diverging Economies:
  • France’s private sector contracted significantly.
  • Germany experienced marginal growth.
  • Spain and Italy showed stronger-than-expected growth.
• ECB Dilemma:
  • The ECB faces a challenge in balancing rate cuts with persistent inflationary pressures.
• Market Reaction:
  • Despite weak PMI figures, the euro strengthened, and European stocks rebounded strongly.

Malta Company Announcements:

Bank of Valletta plc

The Board of Directors of Bank of Valletta p.l.c. is scheduled to meet on Wednesday 26 March 2025 to:

1. consider and approve the Group’s and the Bank’s Audited Financial Statements for Financial Year ended 31 December 2024 and

1. consider the declaration of a final dividend to be recommended to the Bank’s Annual General Meeting.

MeDirect Bank (Malta) plc

The Board of Directors of the Bank is scheduled to meet on Wednesday, 12 March 2025 to consider and approve the audited consolidated financial statements of the Bank for the year ended 31 December 2024. 

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