Malta Properties Company plc – Updated Financial Analysis Summary

Jonathan Falzon

May 21, 2025

Market News
21 May, 2025
3 min read
Market News
21 May, 2025
3 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.

On 21 May 2025, Malta Properties Company plc published an updated Financial Analysis Summary. The following are the main highlights of the company’s expected financial performance and position in 2025:

  • Revenues are expected to decrease by 11.5% to €5.04 million (2024: €5.69 million) since following the expiration of a number of leases, certain properties will be vacant and undergoing renovations in the anticipation of new tenants. MPC explained that GO’s previous head office at Fra Diego Street Marsa will become partly occupied during the second half of the year. Furthermore, the Swatar property will become fully occupied during the second quarter of 2025. Meanwhile, the final stage of the works in The Exchange office building at Marsa will be finished by the third quarter of 2025 and it will then be fully leased out to Government of Malta entities.
  • Operating expenses are expected to rise by 10.8% to €1.98 million due to additional maintenance and repair works as well as ongoing maintenance of the tenanted areas.
  • EBITDA is anticipated to decrease by 21.7% to €3.09 million and the EBITDA margin is expected to ease to 61.3% (2024: 69.3%).
  • Net finance costs are forecasted to rise by 14.0% to €1.22 million reflecting lower finance income in view of reduced amounts of short-term deposits since cash will be utilised for the refurbishment of vacated properties.  As a result, the interest cover is expected to drop to 2.5 times compared to 3.7 times in the previous year.
  • Total debt is projected drop by 3% to €29.4 million (31 December 2024: €30.2 million). As such, the gearing ratio is anticipated to ease to 33.8% compared to 34.5% as at the end of 2024. Similarly, the debt-to-asset ratio is forecasted to decline to 0.29 times (31 December 2024: 0.30 times).
  • The net asset value per share as at 31 December 2025 is anticipated to amount to €0.568, unchanged from the previous year.

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 21 May 2025, Malta Properties Company plc published an updated Financial Analysis Summary. The following are the main highlights of the company’s expected financial performance and position in 2025:

  • Revenues are expected to decrease by 11.5% to €5.04 million (2024: €5.69 million) since following the expiration of a number of leases, certain properties will be vacant and undergoing renovations in the anticipation of new tenants. MPC explained that GO’s previous head office at Fra Diego Street Marsa will become partly occupied during the second half of the year. Furthermore, the Swatar property will become fully occupied during the second quarter of 2025. Meanwhile, the final stage of the works in The Exchange office building at Marsa will be finished by the third quarter of 2025 and it will then be fully leased out to Government of Malta entities.
  • Operating expenses are expected to rise by 10.8% to €1.98 million due to additional maintenance and repair works as well as ongoing maintenance of the tenanted areas.
  • EBITDA is anticipated to decrease by 21.7% to €3.09 million and the EBITDA margin is expected to ease to 61.3% (2024: 69.3%).
  • Net finance costs are forecasted to rise by 14.0% to €1.22 million reflecting lower finance income in view of reduced amounts of short-term deposits since cash will be utilised for the refurbishment of vacated properties.  As a result, the interest cover is expected to drop to 2.5 times compared to 3.7 times in the previous year.
  • Total debt is projected drop by 3% to €29.4 million (31 December 2024: €30.2 million). As such, the gearing ratio is anticipated to ease to 33.8% compared to 34.5% as at the end of 2024. Similarly, the debt-to-asset ratio is forecasted to decline to 0.29 times (31 December 2024: 0.30 times).
  • The net asset value per share as at 31 December 2025 is anticipated to amount to €0.568, unchanged from the previous year.