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MIDI plc – Full-Year Results

Jonathan Falzon

May 2, 2025

Market News
2 May, 2025
4 min read
Market News
2 May, 2025
4 min read

Following last week's article detailing the performance of the S&P 500 index in 2025, it is worth devoting time to review the developments across the European equity markers in my last article of the year.

Financial Performance

On 29 April 2025, MIDI plc published its Annual Report and Financial Statements for the year ended 31 December 2024.

Revenue decreased by 17.8% to €3.35 million as MIDI had no inventory of residential apartments which it could deliver in 2024. However, revenue generated from the property rental and management segment increased by 1% to €3.22 million.

Administrative expenses and cost of sales remained relatively unchanged at €4.32 million. However, MIDI also recorded a €2.0 million impairment charge on inventory, which is higher than the charge of €1.11 million recorded in the previous year.

As a result, MIDI reported an operating loss of €2.91 million, compared to the loss of €1.13 million recorded in 2023.

Net finance costs remained practically unchanged from the previous year at €2.53 million.

MIDI’s share of profit from its 50% shareholding in ‘The Centre’ increased by 11.5% to €1.72 million from €1.56 million in 2023, all fully generated from rental operations.

Overall, MIDI reported a pre-tax loss of €3.70 (2023: 2.06 million) and a net loss of €3.78 million (2023: €1.51 million).

The Statement of Financial Position as at 31 December 2024 shows that total assets increased by 1.5% (or €3.93 million) to €258.7 million. In this respect, inventories related to its development project increased by €13 million to €163.3 million and cash decreased by €8.4 million to €13.2 million. Total liabilities increased by 6.3% (or €9.9 million) to €165.3 million driven by an increase in payables. MIDI’s borrowings as at the end of 2024 amounted to €60 million and the lease liabilities amounted to €16.7 million. Total equity fell by 6.0% (or €5.9 million) to €93.4 million which translates into a net asset value per share of €0.436 (31 December 2023: €0.464).

Outlook

The Directors explained that MIDI has secured promise of sale agreements for over 90% of the apartments in the Q3 – Fortress Gardens apartment block. The company expects revenues and profits to start being recognized in the 2025 financial statements upon the delivery of these apartments to their new owners.

Update on Manoel Island

The Company recognizes that the expected returns from the Manoel Island development are not anticipated to materialize in the short term as delays are being experienced due to the discovery of archaeological finds and the prolonged process for approval of the full development permit by the Planning Authority, which remains pending approval. In the meantime, site preparatory works have been carried out on the Manoel Island site under the supervision of an archaeological monitor.

The Company continued negotiating with AC Enterprises Limited to organise a joint venture with regards to the Manoel Island development and noted significant progress, but no transaction has been concluded yet.

The article contains public information only and is published solely for informational purposes. It should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in this article. Rizzo, Farrugia & Co. (Stockbrokers) Ltd (“Rizzo Farrugia”) is under no obligation to update or keep current the information contained herein. Since the buying and selling of securities by any person is dependent on that person’s financial situation and an assessment of the suitability and appropriateness of the proposed transaction, no person should act upon any recommendation in this article without first obtaining investment advice. Rizzo Farrugia, its directors, the author of this article, other employees or clients may have or have had interests in the securities referred to herein and may at any time make purchases and/or sales in them as principal or agent. Furthermore, Rizzo Farrugia may have or have had a relationship with or may provide or has provided other services of a corporate nature to companies herein mentioned. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security mentioned in this article. Neither Rizzo Farrugia, nor any of its directors or employees accepts any liability for any loss or damage arising out of the use of all or any part of this article. Additional information can be made available upon request from Rizzo, Farrugia & Co. (Stockbrokers) Ltd., Airways House, Fourth Floor, High Street, Sliema SLM 1551. Telephone: +356 2258 3000; Email: info@rizzofarrugia.com; Website: www.rizzofarrugia.com © 2021 Rizzo, Farrugia & Co. (Stockbrokers) Ltd. All rights reserved. This article may not be reproduced or redistributed, in whole or in part, without the written permission of Rizzo Farrugia. Moreover, Rizzo Farrugia accepts no liability whatsoever for the actions of third parties in this respect.

This article was produced by Edward Rizzo, Director at Rizzo Farrugia, which is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange. The company’s registered address is at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.

The article contains public information only and is published solely for informational purposes. It should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in this article. Rizzo, Farrugia & Co. (Stockbrokers) Ltd (“Rizzo Farrugia”) is under no obligation to update or keep current the information contained herein. Since the buying and selling of securities by any person is dependent on that person’s financial situation and an assessment of the suitability and appropriateness of the proposed transaction, no person should act upon any recommendation in this article without first obtaining investment advice. Rizzo Farrugia, its directors, the author of this article, other employees or clients may have or have had interests in the securities referred to herein and may at any time make purchases and/or sales in them as principal or agent. Furthermore, Rizzo Farrugia may have or have had a relationship with or may provide or has provided other services of a corporate nature to companies herein mentioned. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security mentioned in this article. Neither Rizzo Farrugia, nor any of its directors or employees accepts any liability for any loss or damage arising out of the use of all or any part of this article. Additional information can be made available upon request from Rizzo, Farrugia & Co. (Stockbrokers) Ltd., Airways House, Fourth Floor, High Street, Sliema SLM 1551. Telephone: +356 2258 3000; Email: info@rizzofarrugia.com; Website: www.rizzofarrugia.com © 2021 Rizzo, Farrugia & Co. (Stockbrokers) Ltd. All rights reserved. This article may not be reproduced or redistributed, in whole or in part, without the written permission of Rizzo Farrugia. Moreover, Rizzo Farrugia accepts no liability whatsoever for the actions of third parties in this respect.

This article was produced by Edward Rizzo, Director at Rizzo Farrugia, which is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange. The company’s registered address is at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.

On 29 April 2025, MIDI plc published its Annual Report and Financial Statements for the year ended 31 December 2024.

Revenue decreased by 17.8% to €3.35 million as MIDI had no inventory of residential apartments which it could deliver in 2024. However, revenue generated from the property rental and management segment increased by 1% to €3.22 million.

Administrative expenses and cost of sales remained relatively unchanged at €4.32 million. However, MIDI also recorded a €2.0 million impairment charge on inventory, which is higher than the charge of €1.11 million recorded in the previous year.

As a result, MIDI reported an operating loss of €2.91 million, compared to the loss of €1.13 million recorded in 2023.

Net finance costs remained practically unchanged from the previous year at €2.53 million.

MIDI’s share of profit from its 50% shareholding in ‘The Centre’ increased by 11.5% to €1.72 million from €1.56 million in 2023, all fully generated from rental operations.

Overall, MIDI reported a pre-tax loss of €3.70 (2023: 2.06 million) and a net loss of €3.78 million (2023: €1.51 million).

The Statement of Financial Position as at 31 December 2024 shows that total assets increased by 1.5% (or €3.93 million) to €258.7 million. In this respect, inventories related to its development project increased by €13 million to €163.3 million and cash decreased by €8.4 million to €13.2 million. Total liabilities increased by 6.3% (or €9.9 million) to €165.3 million driven by an increase in payables. MIDI’s borrowings as at the end of 2024 amounted to €60 million and the lease liabilities amounted to €16.7 million. Total equity fell by 6.0% (or €5.9 million) to €93.4 million which translates into a net asset value per share of €0.436 (31 December 2023: €0.464).

Outlook

The Directors explained that MIDI has secured promise of sale agreements for over 90% of the apartments in the Q3 – Fortress Gardens apartment block. The company expects revenues and profits to start being recognized in the 2025 financial statements upon the delivery of these apartments to their new owners.

Update on Manoel Island

The Company recognizes that the expected returns from the Manoel Island development are not anticipated to materialize in the short term as delays are being experienced due to the discovery of archaeological finds and the prolonged process for approval of the full development permit by the Planning Authority, which remains pending approval. In the meantime, site preparatory works have been carried out on the Manoel Island site under the supervision of an archaeological monitor.

The Company continued negotiating with AC Enterprises Limited to organise a joint venture with regards to the Manoel Island development and noted significant progress, but no transaction has been concluded yet.