db Group registers after-tax profit of €12.4 million in 2022

SD Holdings Limited, the holdings company of db Group registered an after-tax profit of €12.4 million for the financial year ending 31 March 2023.

The company registered an after-tax profit increase of €1.8 million over the previous year, while registering €70.8 million in revenue.

The group’s total assets now reached €376 million, up from the previous year’s €350 million. "More encouragingly, earnings before interest, taxes, depreciation and amortization increased by 24%, factoring in at €30.4 million."

The increase in profitability and general performance of the Group was welcomed by the board of directors, particularly in view of the high inflation which impacted the payroll and supply chain.

“In the last few years, the pandemic and the war in Ukraine posed unprecedented challenges to business, particularly in the sectors in which we have a footprint. Through careful management of costs and an enhanced focus on driving up revenues with strategic investments, we managed to perform strongly and ended the financial year in a considerably stronger position,” CEO Robert Debono.

In the food and beverage sector, the db Group almost doubled its figures, reaching a turnover of €25.4 million compared to €14.1 million in the previous year. This was mainly due to the exponential performance of Starbucks, as well as the opening of new restaurants - LOA in St Paul’s Bay, Tora and Manta in Sliema, and Verani at the Malta International Airport.

The group’s hotel portfolio occupancy also increased to 85%.

The db Group also revealed it will be expanding internationally, with a new restaurant at Cavendish Square being the group’s first foray beyond Maltese shores.

A central London office has been set up to manage these strategic global investments.   

“The db Group has also unveiled its new branding which incorporates db’s signature of excellence and a set of new colours and fonts to reflect an outward-looking Maltese identity,” a statement read.