Grand Harbour Marina plc registered a 27.5 percent growth in its operational income last year, achieving an operating profit of €93,241 before the company's deductions.
The results were announced during the company's annual general meeting.
The operating profit was significantly lower than in 2007, which had been an exceptional year especially where berth sales were concerned. 2008 started strongly with two 30-metre berth sales but, notwithstanding a continued high level of enquiries, owners proved more cautious in making commitments during the second half of the year.
Chairman Lawrence Zammit said: “The management role of Camper and Nicholsons, the leading international brand in the marina sector, has contributed greatly to establishing Grand Harbour Marina as one of the Mediterranean’s leading yachting destinations. At the same time, this has also had a significant impact on Malta’s target of becoming a centre of excellence in the yachting sector.”
General manager Ben Stuart said the Camper and Nicholsons brand was key to maintaining the marina’s attractiveness to yacht and superyacht owners. He noted the forthcoming privatisation of state owned marinas, and said he was positive about the possibility of future developments in this sector.
The marina continued to enjoy full occupancy on the pontoon berths, the ultimate aim being to maintain profitability and cash generation at the operational level, without taking into account berth sales.
To achieve this, GHM last year continued to expand its operations and completed improvements to the mooring system at Xatt ir-Riżq. Four floating pontoons were placed in the water and supplied with utilities, creating an additional twenty three berths. These were offered on a seasonal basis and have been occupied since installation.
The company is now focusing its efforts on the landscaping of the Xatt ir-Riżq area to ensure that the location matched the standards expected of a world-class marina. This was being done through close collaboration with the government and the local councils. Over the past 12 months, Grand Harbour Marina continued to work closely with stakeholders, including councils, to further contribute to the regeneration of the three cities.
Camper and Nicholsons Marina Investments Limited are 79% shareholders in Grand Harbour Marina plc.