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Hili Ventures to hit €1 billion in revenue In 2024
Malta-based Hili Ventures expects to surpass €1 billion in revenues in 2024, following a record €987 million in 2023, a 26% increase from 2022. Chairman Archie Bethel highlighted major achievements, including a significant acquisition in Poland, the opening of 11 new McDonald’s restaurants in Europe, and adding over 1,300 employees. CEO Melo Hili attributed this success to their 12,000-strong workforce across 10 countries. Hili Ventures’ diverse portfolio includes Premier Capital p.l.c., the McDonald’s developmental licensee in several countries, and 1923 Investments p.l.c., which owns Poland’s largest Apple Premium Reseller, iSpot. The group aims for further growth and expansion in 2024, including the eco-luxury Six Senses Comino Hotel.
Family business survey reveals urgent need for strategic planning and training
A Malta Chamber of Commerce survey highlights significant gaps in strategic and succession planning among Malta’s family businesses, emphasising the need for leadership and technical skills training. Covering a broader range of topics than the 2022 survey, it reveals that while most family businesses have a functioning board of directors, they often lack independent non-executive directors. Only a third have a written strategic plan, and many focus on day-to-day operations over long-term strategies. Succession planning is inconsistent, with implementation challenges. Operational concerns and the need for employee training, especially in technical and interpersonal skills, dominate priorities. Improving financial performance, retaining labor, and investing in technology are top priorities for 2024. The survey involved around 160 family businesses.
Morning Briefing
Fresh income tax cuts to leave €600 in pockets
Prime Minister Robert Abela announced that planned income tax cuts will leave €600 in the pockets of middle-class families. Speaking at a political event in Hamrun, Abela emphasized that these income tax cuts were an electoral promise and would be implemented. He added that, in addition to the benefits for the middle class, parents earning up to €1,000 per month will no longer be taxed under the new changes. Abela also mentioned that businesses would benefit from adjustments to the tax rates they pay. He pointed out that while the PN has not taken a stance on the minimum tax rate proposed by the European Commission, he is committed to fighting for the interests of the country’s businesses. (Maltatoday)
PM jealous of Muscat’s popularity – Grech
Bernard Grech said that PM Robert Abela is envious because his MEP candidates are prioritizing Joseph Muscat over him. “Robert Abela cannot accept that so many people are flocking to hear Joseph Muscat speak, and that MEP candidates are almost giving more importance to Muscat than to Abela,” said the Nationalist Party leader. The former prime minister has been invited to several campaign activities organized by individual Labour Party candidates ahead of the June 8 European and local elections. He also said that it is Prime Minister’s responsibility to address the question of safety for all those in Valletta while former Prime Minister Joseph Muscat and others criminally charged over the Vitals deal are arraigned in Court on 28 and 29 May. (Times of Malta)
One million cruiseliner tourists expected this year
Malta is expected to welcome a million cruise liner tourists by the end of this year, with ongoing negotiations to develop a new tourism niche, including the military sector, Tourism Minister Clayton Bartolo announced on Wednesday. Speaking at the Malta Hospitality Forum, Bartolo highlighted that this year’s cruise liner tourist projections represent a significant increase from the 800,000 tourists who visited Malta last year. The minister said that in order to future-proof the tourism industry Malta also needs to invest more in public cleanliness. On this the government is investing €6 million in cleanliness equipment to be used in tourism zones, “setting the bar higher”. (The Malta Independent)
