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Plaza Centres plc – Interim Results

Jonathan Falzon

July 30, 2025

30 July, 2025
4 min read
30 July, 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 30 July 2025, Plaza Centres plc published its interim financial results covering the six-month period ended 30 June 2025.

Revenue increased by 1.7% to €1.60 million as Plaza’s occupancy level remained at 96%, unchanged from the same period last year.

The growth in revenue was partly offset by a 2.1% increase in operating costs to €0.74 million. As a result, operating profit increased by 1.4% to €0.86 million, which translates into an EBIT margin of 53.7% (H1 2024: 53.9%). Excluding depreciation, EBITDA increased by 1.8% to €1.12 million and the EBITDA margin remained unchanged at 70.2%.

Plaza reported net finance income of €0.07 million compared to net finance costs of €0.03 million last year, as the income from their marketable securities outweighed the borrowing costs.

Profit before tax increased by 14.7% to €0.93 million. After accounting for a tax charge of €0.24 million, Plaza reported a net profit for the period of €0.69 million, which was 17.8% higher than the €0.59 million reported in the first half of 2024.

The condensed statement of financial position as at 30 June 2025, when compared to the financial position as at 31 December 2024, shows that total assets remained practically unchanged at €37.5 million. Total liabilities declined by 1.4% (or €0.13 million) to €9.49 million whilst the company’s equity base expanded by 0.9% (or €0.24 million) to €28.0 million which translates into a net asset value per share of €1.099 (31 December 2024: €1.090).

Dividend

The Board of Directors declared an unchanged net interim dividend of €0.0098 per share, payable to shareholders as at close of trading on Tuesday 12 August 2025. The dividend represents a payout ratio of 36% (H1 2024: 42%) and will be paid on Thursday 28 August 2025.

Outlook

In their commentary, the Directors explained that the implementation of the multi-year refurbishment programme is ongoing, with works within the Plaza Shopping and Commercial Centre during the second half of the year will continue to focus on sustainability through energy efficiency.

The Directors stated that they do not anticipate a significant change in the Group’s performance over the next six months but remain cautious due to the prevailing economic challenges including geopolitical instability.

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 30 July 2025, Plaza Centres plc published its interim financial results covering the six-month period ended 30 June 2025.

Revenue increased by 1.7% to €1.60 million as Plaza’s occupancy level remained at 96%, unchanged from the same period last year.

The growth in revenue was partly offset by a 2.1% increase in operating costs to €0.74 million. As a result, operating profit increased by 1.4% to €0.86 million, which translates into an EBIT margin of 53.7% (H1 2024: 53.9%). Excluding depreciation, EBITDA increased by 1.8% to €1.12 million and the EBITDA margin remained unchanged at 70.2%.

Plaza reported net finance income of €0.07 million compared to net finance costs of €0.03 million last year, as the income from their marketable securities outweighed the borrowing costs.

Profit before tax increased by 14.7% to €0.93 million. After accounting for a tax charge of €0.24 million, Plaza reported a net profit for the period of €0.69 million, which was 17.8% higher than the €0.59 million reported in the first half of 2024.

The condensed statement of financial position as at 30 June 2025, when compared to the financial position as at 31 December 2024, shows that total assets remained practically unchanged at €37.5 million. Total liabilities declined by 1.4% (or €0.13 million) to €9.49 million whilst the company’s equity base expanded by 0.9% (or €0.24 million) to €28.0 million which translates into a net asset value per share of €1.099 (31 December 2024: €1.090).

Dividend

The Board of Directors declared an unchanged net interim dividend of €0.0098 per share, payable to shareholders as at close of trading on Tuesday 12 August 2025. The dividend represents a payout ratio of 36% (H1 2024: 42%) and will be paid on Thursday 28 August 2025.

Outlook

In their commentary, the Directors explained that the implementation of the multi-year refurbishment programme is ongoing, with works within the Plaza Shopping and Commercial Centre during the second half of the year will continue to focus on sustainability through energy efficiency.

The Directors stated that they do not anticipate a significant change in the Group’s performance over the next six months but remain cautious due to the prevailing economic challenges including geopolitical instability.