During 2008, Grand Harbour Marina plc registered a 27.5 per cent growth in its operational income which amounted to €1,478,512, compared to €1,159,493 in the previous year. The company achieved an operating profit of €93,241 which, however, was significantly lower than in 2007.
The company said in a statement that the reason for this lower profit was that 2007 was a truly 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, in the light of the current international economic climate," the statement said.
Lawrence Zammit, chairman of Grand Harbour Marina plc, 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."
Ben Stuart, general manager of Grand Harbour Marina, said that the Camper and Nicholsons brand was key to maintaining the marina's attractiveness to yacht and superyacht owners. He added that GHM also notes the forthcoming privatisation of the government marinas, and is positive about the possibility of future developments in this sector. "GHM takes pride in being associated with the regeneration of Malta's yachting facilities," he said.
In terms of operations, the marina continues 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 that, during 2008 GHM continued to expand its operations, including completion of the improvements to the mooring system at Xatt ir-Risq. Four floating pontoons were placed in the water and supplied with utilities, creating an additional 23 berths. These were offered on a seasonal basis and have been occupied since installation.
GHM is also focusing its efforts on the landscaping of the Xatt ir-Risq area to ensure the location matches the standards expected of a world-class marina. Camper and Nicholsons Marina Investments Ltd are 79 per cent shareholders in Grand Harbour Marina plc.