Malita Investments 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 28 August 2026, Malita Investments plc published its condensed interim financial statements covering the six-month period ended 30 June 2026.
Revenues increased by 12.5% to €5.81 million (H1 2025: €5.16 million) reflecting higher income from the Affordable Housing Project, which jumped by 61% to €0.86 million, as well as higher income from the leases and ground rents of the MIA, VCP and City Gate sites, which rose by 6.8% to €4.94 million.
On the expenditure side, administrative costs increased by 31% to €1.51 million compared to €1.15 million in H1 2025. Nonetheless, operating profit rose by 7.0% to €4.30 million (H1 2025: €4.02 million).
No fair value movement on investment property was recorded in the period under review, in contrast to the gain of €1.42 million registered in the first half of 2025.
Finance income increased by 5.7% to €2.74 million whilst finance costs surged by 30% to €2.28 million.
Profit before tax fell by 24.2% to €4.76 million (H1 2025: €6.28 million). After accounting for a tax expense of €0.64 million, the net profit for the period under review amounted to €4.12 million compared to €5.28 million in the first half of 2025.
The condensed Statement of Financial Position as at 30 June 2026, compared to the corresponding figures as at 31 December 2025, shows that total assets remained virtually unchangedat €349 million, principally composed of investment property of €258 million and the contract asset related to the Affordable Housing Project totalling €84.4 million. However, ash and cash equivalents stood at a lower level of €1.84 million compared to €6.44 million at the end of 2025.
Meanwhile, total liabilities decreased by 2.6% (or €3.9 million) to €145 million, which include borrowings amounting to €81.6 million (31 December 2025: €83.3 million) and lease liabilities of €3.7 million.
Total equity increased by 2.1% (or €4.1 million) to €203.8 million, which translates into a net asset value per share of €0.979 (31 December 2025: €0.959).
Dividend
The Board of Directors resolved not to recommend the payment of an interim dividend. The Board noted that it is fully conscious of the importance which shareholders attach to the resumption of dividend distributions, and that the return to a sustainable dividend distribution policy remains a priority, with work ongoing on a number of initiatives directed at strengthening the company’s cash generation and capital structure. The Board stated that it will provide a further update on its approach to dividend distribution upon the publication of the audited financial statements for the year ending 31 December 2026.
Updates related to the Affordable Housing Project
In their commentary, the Directors explained that the temporary suspension of works at the remaining development sites, implemented as part of the strategic review communicated to the market in Q4 2025, remained in place until the end of March 2026, by which time the company had secured the principal financing sanction required to support the continuation of the Affordable Housing Project. The financing structure comprises a €28 million facility from Bank of Valletta plc, which was sanctioned during 2026, and a €22 million facility with the European Investment Bank. Works have since resumed on all of the company’s open sites.
As at 30 June 2026, the completed units and garages or car spaces of the Affordable Housing Project remained unchanged at 392 and 290 respectively. Three sites remain open, of which two are expected to be completed by 2027, while the largest site is projected to be fully completed by 2029.
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.