Malita Investments plc – Full-Year 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.
On 30 April 2026, Malita Investments plc published its Annual Report and Financial Statements for the year ended 31 December 2025.
Rental income increased by 11% to €10.6 million (2024: 9.56 million) reflecting the temporary emphyteusis granted to the sites of Malta International Airport (MIA) and Valletta Cruise Port (VCP), rental income from the sublease of City Gate, and rents from garages and other properties.
Meanwhile, the company recorded a loss of €9.84 million (2024: income of €2.04 million) related to the accounting treatment of the income and costs from service concession arrangements.
Administrative expenses more than doubled to €2.35 million (2024: €1.08 million), while an additional €1.08 million (2024: €0.35 million) was included in operating expenses as a provision for liabilities and charges.
As a result, the company recorded an operating loss of €2.65 million compared to an operating profit of €10.2 million in 2024.
Meanwhile, the financial performance was positively impacted by a net fair value gain on investment property amounting to €5.19 million compared to a fair value loss of €4.72 million in 2024. The uplift was driven by higher fair values of the MIA and VCP properties.
Finance income from the Housing Concession Agreements surged by 23% to €5.18 million (2024: €4.23 million). Meanwhile, net finance costs remained relatively unchanged from the previous year at €3.50 million.
Overall, Malita registered a pre-tax profit of €4.21 million compared to €6.14 million in 2024. After accounting for a tax charge of €2.31 million, the net profit for the year amounted to €1.91 million.
The Statement of Financial Position as at 31 December 2025 shows that total assets increased by 0.8% (or €2.7 million) to €349 million mainly reflecting a higher value attributed to investment property (+€5.2 million to €258 million) and the housing project asset (+€4.8 million to €83.3 million.
Meanwhile, total liabilities increased by 3.4% (or €4.9 million) to €149 million. As at the end of 2025, Malita had borrowings of €83.3 million and lease liabilities of €3.7 million. Total equity fell by 1% (or €2.2 million) to €200 million which translates into a net asset value of €0.959 (31 December 2024: €0.970 per share.
Dividend
The Directors are not recommending the payment of a dividend to direct the available resources towards the completion of the company’s remaining development obligations. The Board stated that it recognises the priority to restore dividend payments as soon as possible.
Financing of Affordable Housing Project
The Directors explained that the company obtained the requisite consents from its institutional lenders, thereby satisfying the outstanding conditions precedent to the financing facility obtained by the company.
The company is engaging with its contractors to restart works on the three open sites, which are at Qrendi, Cospicua, and Luqa. The Luqa project is the largest development and comprises three blocks, with Block A expected to be completed in 2026, Block B in 2027 and Block C by 2028.
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.