Simonds Farsons Cisk plc - Full-Year Results

On 29 May 2024, Simonds Farsons Cisk plc published its Annual Report & Financial Statements for the year ended 31 January 2024.

Performance Overview

Revenues surged by 12.4% to a record of €132.9 million compared to €118.2 million last year. Revenue from ‘Brewing, production importation and sale of beer & branded beverages’ grew by 8.8% to €95.8 million (representing 72.1% of total revenues). Moreover, sales generated by the ‘Importation, wholesale of food & Operation of franchised food establishments’ segment climbed by 22.9% to €37.1 million.

Operating expenses increased by 13.7% to €115.5 million reflecting the increased level of business as well as higher administrative expenses. In this respect, Farsons explained that during the year the Group experienced increased salary costs amid severe shortages of skilled employees.

Given the sharper increase in revenues than costs in absolute terms, operating profit increased by 4.1% to a record €17.4 million (FY2022/23: €16.7 million). However, the operating profit margin eased to 13.1% from 14.1% in the previous financial year. In this respect, the CEO explained that strong competition prevented the Group from passing on rising costs to consumers. Excluding depreciation and amortisation charges EBITDA increased by 5.7% to €27.9 million and corresponds to a margin of 21.0% (FY2022/23: 22.3%).

After accounting for finance costs of €1.3 million, Farsons reported a record profit before tax of €16.1 million compared to €15.3 million in FY2022/23. After accounting for a tax charge of €0.80 million, the Group posted a net profit of €15.3 million translating into a return on average equity of 10.6% (FY2022/23: 11.5%).

The Statement of Financial Position shows that total assets remained relatively unchanged at €213 million, notably consisting of property, plant and equipment of €127.3 million. The cash balance as at 31 January 2024 amounted to €8.7 million.

Total liabilities fell by 14.9% to €63.6 million notably reflecting a reduction in total debt to €28.4 million, (31 January 2023: €33.4 million), including lease liabilities amounting to €5.3 million (31 January 2023: €8.7 million). Meanwhile, total equity grew by 6.8% to €148.7 million.


The Directors of Farsons resolved to recommend a final net dividend out of tax-exempt profits of €0.11 per share which is unchanged over last year. The dividend will be paid on Friday 28 June 2024 to shareholders as at the close of trading on Monday 3 June 2024, subject to approval at the upcoming AGM to be held on Thursday 27 June 2024.

When including the net interim dividend of €0.05 per share paid in October 2023, the total net dividend attributable to FY2023/24 amounts to €0.16 per share, which is 3.2% higher than the total net dividend attributable to the previous financial year.


The Chairman noted that the Group has started the construction of a new logistics centre for the food business in Ħandaq which is scheduled to be completed by the end of 2026. Meanwhile, the Chairman also remarked that the Group intends to construct an automated returnable packages logistics facility in Mrieħel which will be completed by the summer of 2026. These two projects will involve a total investment in excess of €30 million.

Strategic Review

The Board of Directors also announced that they are carrying out a strategic review of opportunities for the further expansion of the Group’s foods business and considering the potential structuring of the enlarged food operations in a separate listed entity. A decision will be taken over the current year, based on whether the spin-off will benefit shareholders.

Meanwhile, the Company achieved some success in its export business, with Cisk performing well in Bahrain as well as Kinnie growing in Australia. Plans are also in place to market Kinnie in Ghana.