Malta Properties Company 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 31 July 2026, Malta Properties Company plc published its interim results covering the six-month period ended 30 June 2026.
Revenues increased by 29% to €2.91 million (H1 2025: €2.26 million), as several of the Group’s properties which became vacant at the end of 2024 were renovated during the early months of 2025 and subsequently leased to new tenants.
On the expenditure side, total operating costs increased by 13% to €0.78 million (H1 2025: €0.69 million), mainly due to higher business development costs as well as legal and other professional fees. Nonetheless, since the growth in revenues outweighed the higher costs, operating profit expanded by 35% to €2.17 million compared to €1.60 million in H1 2025.
Elsewhere, net finance costs increased by 8.0% to €0.64 million (H1 2025: €0.59 million), as the drop in finance income, with previously deposited funds having been utilised to finance the renovation works, outweighed the lower finance costs following capital repayments on the Group’s bank borrowings. After accounting for a tax charge of €0.50 million, MPC reported a net profit for the period of €1.03 million, which is more than double the €0.50 million recorded in the corresponding period of the previous year. The profit for the first six months of 2026 translates into an annualised return on average equity of 3.6% (H1 2025: 1.8%).
The Statement of Financial Position as at 30 June 2026, when compared to the corresponding figures as at 31 December 2025, shows that total assets decreased by 2.3% (or €2.27 million) to €97.3 million, primarily consisting of investment property valued at €93.3 million, while cash (including deposits) amounted to €1.77 million. Meanwhile, total liabilities dropped by 4.2% (or €1.78 million) to €40.2 million. Total equity eased by 0.8% (or €0.49 million) to €57.1 million, as the profit generated during the period was more than offset by the dividend of €1.52 million paid in respect of the 2025 financial year. This translates into a net asset value per share of €0.5636 (31 December 2025: €0.5684).
Outlook
In their commentary, the Directors explained that the focus during the period was on completing the renovation works carried out across the property portfolio, facilitating the move-in of new tenants into the refurbished spaces, and negotiating further lease agreements for the Group’s remaining vacant areas. In parallel, MPC progressed preparation works for the addition of a new floor at the Marsa Central Building (the former GO plc headquarters) and continued to assess new acquisition opportunities to grow its portfolio.
The Board indicated that, as the Group moves into the second half of the year, full occupancy is expected to be reached very soon across the existing portfolio, excluding the development and held-for-sale properties in Naxxar and Rabat respectively, with the latter being subject to a promise of sale agreement. Furthermore, it was noted that the financial performance for the period was in line with expectations across almost all lines. Revenue and profit are expected to grow further in the second half of the year, supported by full occupancy.
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.