MIDI plc – Interim Results
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 25 August 2026, MIDI plc published its condensed consolidated interim financial statements covering the six-month period ended 30 June 2026.
Revenue surged more than nine-fold to €14.9 million (H1 2025: €1.55 million), of which €13.4 million was generated by the development and sale of property segment (H1 2025: €26,000) and €1.48 million by property and rental management (H1 2025: €1.53 million). The increase reflected the delivery of the first six apartments within the Q3 – Fortress Gardens residential block for a total consideration of €7.88 million, together with the sale of the T15 building for €5.50 million which was concluded on 2 June 2026.
On the expenditure side, total operating costs amounted to €10.5 million (H1 2025: €2.07 million), of which administrative expenses declined by 14.2% to €1.24 million (H1 2025: €1.44 million). MIDI reported an operating profit of €4.34 million, compared to an operating loss of €0.51 million in the first half of 2025.
MIDI also registered a gain of €0.23 million on the disposal of investment property as well as dividend income of €0.05 million, whilst net finance costs increased by 3.7% to €1.20 million.
Meanwhile, its 50% share of the profit of Mid Knight Holdings Limited, the joint venture which owns The Centre office block, declined by 16.0% to €0.76 million.
Pre-tax profit amounted to €4.18 million, compared to a pre-tax loss of €0.77 million in the same period last year. After accounting for a tax charge of €1.36 million, the net profit for the first half of 2026 amounted to €2.82 million, compared to a net loss of €0.89 million in the first half of 2025.
The Condensed Statement of Financial Position as at 30 June 2026 shows that total assets dropped by 15% (or €32 million) to €178 million. The Group’s asset base included inventories of €71.0 million, representing the development project at Tigné Point, and cash and cash equivalents of €51.2 million. The investment in Mid Knight Holdings Limited was carried at €29.0 million, whilst assets classified as held for sale amounted to €19.8 million.
Total liabilities decreased by 21.8% (or €34.4 million) to €124 million. The €40.3 million owed to the Government of Malta in respect of the original emphyteutical grant was settled on 13 May 2026 upon the partial rescission, whilst total borrowings increased to €70.8 million (31 December 2025: €67.1 million), comprising the €50 million secured bonds and bank loans of €20.8 million.
Total equity increased by 5.5% (or €2.82 million) to €54.3 million, which translates into a net asset value per share of €0.253 (31 December 2025: €0.240).
Manoel Island and Fort Tigné
On 13 May 2026, MIDI and the Government of Malta signed the public deed of partial rescission whereby Manoel Island and Fort Tigné were returned to the Government. The reimbursement paid by the Government amounted to €47.3 million, or €42.7 million net of the VAT arising on the transaction.
Bond Redemption
On 27 July 2026, MIDI redeemed in full the €50 million bond upon its maturity. The redemption was funded by the amounts received from the Government for the return of Manoel Island and Fort Tigné, together with the net proceeds from property sales at Tigné Point.
Outlook
The Directors explained that the Q3 – Fortress Gardens residential block, which comprises 63 apartments and two commercial properties is close to completion and all properties are either sold or subject to a promise of sale agreement. , MIDI expects to deliver the majority of these apartments by December 2026. The Directors added that the revenues and contribution generated from these sales will be accounted for in the 2026 financial statements and are expected to have a significant positive impact on the overall financial performance of the Group. The Group is also pursuing the sale of the Tigné Point Car Park, with a contract of sale targeted by December 2026.
As disclosed in the EGM circular to shareholders, MIDI is projecting surplus liquidity once the sales of the Tigné Point Car Park and the Q3 apartments are concluded, and the Board will monitor its liquidity position with a view to maximising the funds returned to shareholders.
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.