MIDI plc - Full-Year Results

On 26 April 2022, MIDI plc published its Annual Report and Financial Statements for the year ended 31 December 2021.

Performance Overview

Revenues amounted to €9.4 million compared to €2.8 million in 2020 as the company sold the three remaining residential units within the ‘Q2’ block. In fact, revenues from the ‘Development and Sale of Property’ segment amounted to €6.6 million compared to just €0.2 million in 2020. Moreover, income generated from the ‘Rental and Management of Property’ segment improved to €2.8 million compared to €2.6 million in 2020 although in this respect MIDI noted that during the year it continued to provide assistance to its tenants amid the fallout from the pandemic.

Total operating costs increased considerably to €7.1 million (2020: €3.5 million) largely reflecting the costs related to the sale of the last remaining units within the ‘Q2’ block. However, MIDI still reported an operating profit of €1.9 million compared to the operating loss of €1.2 million recorded in 2020. Meanwhile, net finance costs increased by nearly 6% to €2.4 million as the company took on additional bank borrowings. On the other hand, MIDI’s share of profit from ‘The Centre’ increased by 7.3% to just over €2 million compared to €1.9 million in 2020.

Overall, MIDI reported a pre-tax profit of €1.5 million compared to the pre-tax loss of €1.6 million recorded in 2020. After accounting for a tax charge of €0.9 million, the net profit for the year amounted to €0.56 million.

The Statement of Financial Position as at 31 December 2021 shows that total assets eased by nearly 1% to €225.7 million largely reflecting the reduction in cash balances to €9.8 million compared to €11.5 million as at the end of 2020. Similarly, total liabilities declined by 2% to €123.3 million mostly due to the reduction in trade and other payables. Accordingly, the company’s equity base expanded by 0.5% to €102.4 million which, in turn, translates into a net asset value per share of €0.4781 (31 December 2020: €0.4755).


In their commentary, the Directors explained that during 2021 the company continued to focus on the Manoel Island project. On 16 September 2021, the Planning Authority approved the Outline Permit for the revised Masterplan for the development of Manoel Island. Furthermore, by the end of 2021, MIDI had entered into a non-binding memorandum of understanding with AC Enterprises Limited to explore the possibility of establishing a joint venture with respect to the development of Manoel Island. In this respect, the Directors explained that discussions are still ongoing but no transaction has been concluded. MIDI also added that it is expecting to submit the development permit application for Manoel Island to the Planning Authority towards the latter part of 2022.

In addition to the Manoel Island project, MIDI has also been working on its final development at Tigné Point – i.e. the ‘Q3’ residential block. This will consist of 63 apartments and underground car parking. The full development permit granted by the Planning Authority in April 2020 was subject to an appeal, but the appeal was not upheld by the Environmental and Planning Review Tribunal on 5 April 2022. As a result, MIDI is now in a position to commence civil works on this project.