Updated
MIA reports €39.5 million in net profit for the first nine months of the year
MIA reported a €39.5 million net profit and €107.8 million in revenue for the first nine months of 2024, driven by a significant rise in passenger traffic, totaling nearly 6.9 million. Key infrastructure projects, including Apron 8 South, a terminal expansion, and a new VIP terminal, saw €39.7 million in capital investment. October set a record with 838,393 passengers, marking MIA’s first month surpassing 800,000. Increased capacity and a higher seat load factor (86.5%) boosted growth, led by travelers from Italy, the UK, and Germany. Reflecting this momentum, MIA raised its 2024 projections, expecting 8.96 million passengers, €141 million in revenue, €85 million EBITDA, and €46 million net profit, alongside €64 million in capital expenditure. (Times of Malta)
Young holidaymakers keep Malta’s 3-star hotels in the black
Three-star hotels in Malta have adapted successfully by catering to young, budget-conscious tourists drawn to Malta’s vibrant entertainment scene. A Central Bank report shows younger visitors prefer affordable three-star accommodations, especially in summer, while spending less per capita than affluent guests, impacting luxury hotel profits. This trend has led to increased demand for mid-range and budget hotels, shifting occupancy patterns. From 2020 to 2024, three-star accommodations expanded by 34.7%, aided by lean costs and strong occupancy rates. In contrast, five-star hotels face challenges from reduced demand and high operational expenses, along with local sanitation issues in areas like St Julian’s. A 47.4% growth in Malta’s accommodation options since 2020 underscores the need for winter tourism initiatives, potentially supported through eco-friendly infrastructure improvements.
Yorgen Fenech trial won’t happen until at least February – Matthew Caruana Galizia:
The trial of Yorgen Fenech, accused of orchestrating journalist Daphne Caruana Galizia’s assassination in October 2017, will not begin until at least February, according to her son Matthew. In a Facebook post, he highlighted ongoing delays in the judicial process, noting that court-appointed expert Martin Bajada can only process 8,000 pages a day and has upcoming holiday plans. Matthew criticised the inefficiency, calling it “ridiculous” and attributing the delay of this crucial case to systemic issues. He also questioned Justice Minister Jonathan Attard’s inaction, stating that the minister has the authority to address these court inefficiencies but has not acted. (The Malta Independent)
Morning Briefing
Malta ranks 15th most at risk from climate change
Malta has been ranked 15th among 190 countries most at risk from climate change, according to the latest Climate Vulnerability and Resilience Index. The results were unveiled at the COP29 UN Climate Change Conference, and announced by the Environment Ministry. The COVRI Index offers measurable metrics to assess and compare how countries are affected by and can adapt to climate change, with a particular focus on Small Island Developing States (SIDS). This tool helps nations identify their vulnerabilities and implement measures to boost climate resilience. Although many small island states like Malta have tried to increase their climate resilience, the cost is disproportionately for them, making it more difficult and expensive to adapt. (Times of Malta)
146kg of suspected cocaine seized, four arrested
Police have conducted a significant operation at the Freeport, resulting in the arrest of four individuals and the seizure of 146kg of suspected cocaine intended for the local market, according to an official statement. The druges, with an estimated street value of €20 million, were confiscated. Authorities believe the shipment originated from the port of Guayaquil in Ecuador and was intended for distribution in Malta. (The Malta Independent)
More cruiseliners, but less passengers visit Malta in Q3
According to figures from the National Statistics Office, Malta welcomed 321,000 cruise liner passengers in the third quarter of 2024, marking a 7.6% decline compared to the same period last year. However, the number of cruise liners docking in Malta increased, with 124 ships visiting, up by 16 from the previous year. Italy and Germany remained the top European markets for this period. The NSO also reported that for the first nine months of 2024, over 672,000 passengers arrived via 271 cruise liners, reflecting a 4.1% increase in passengers and 44 additional ships compared to the same timeframe in 2023.
