Pama directors’ bonuses rise 21% as operating profit falls

PG Group, the operator of PAVI and PAMA supermarkets, among other businesses, controlled by majority shareholder Paul Gauci, increased directors’ variable remuneration by 21.2% in the financial year ended 30 April 2026, while operating profit fell by 5%.

The annual report records directors’ variable remuneration of €248,462, up from €205,029.

Total directors’ remuneration, including board and committee fees and fixed pay, increased by 4.7%, from €804,019 to €841,743. The remuneration statement describes a discretionary annual cash bonus scheme.

Gauci, the group’s founder and executive vice-chairman, owns 68.38% of PG’s shares. Alongside its supermarkets, PG operates the Zara and Zara Home franchises in Malta.

Gauci also has separate business interests, including Ragusa Xpress, a small catamaran operation connecting Malta to his Marina di Ragusa in Sicily.

PG confirmed in 2023 that the ferry company belonged to privately held PG Holdings, rather than the publicly listed supermarket group.

Malcolm Camilleri, chief executive during the reporting year, received the largest individual package: €329,439. This comprised €20,000 in board and committee fees, €155,593 in fixed remuneration and €153,846 in variable remuneration.

His total was €258,007 in the 2025 financial year. The comparison spans a change in position as Camilleri became chief executive in October 2024, during the previous financial year.

Gianluca Borg, deputy chief executive during the 2026 financial year, received €194,824, including €69,231 in variable remuneration.

The boss, Paul Gauci, received €176,532, including €10,000 in variable remuneration.

Chairman William Spiteri Bailey, who is also the President of the Chamber of Commerce, received €60,000.

Camilleri resigned as chief executive and director last July, after the reporting year, and Gianluca Borg succeeded him.

The higher remuneration accompanied rising sales but lower operating earnings.

Revenue increased by 9.3% to €220.79 million, while operating profit declined from €17.98 million to €17.09 million.

Management attributed pressure on margins to increased operating costs, the supermarkets’ pricing strategy and changes in sales mix. It said the group absorbed most rising expenses to maintain competitive prices.

Profit before tax fell from €17.12 million to €15.94 million.

However, profit after tax increased by 4.6% to €12.96 million, as the tax charge declined from €4.74 million to €2.99 million.

The report acknowledges that Gauci’s membership of the remuneration committee departs from the governance code’s provision for non-executive membership.

The board justifies his participation by citing his familiarity with the business and management team.