Grand Harbour Marina plc - Interim Results

On 29 August 2022, Grand Harbour Marina plc published its interim financial statements covering the six-month period ended 30 June 2022.

Revenues dropped to €1.71 million (H1 2021: €1.93 million) as the lower level of income generated from ancillary services and contract fees offset the marginal increase in annual service charges.

On the expenditure side, total operating costs declined by 6.7% to €1.16 million mainly reflecting the reduction in direct costs related to the operation of the marina in Malta. Nonetheless, given the sharper drop in revenues than the decline in costs, operating profit contracted by 19.5% to €0.55 million (H1 2021: €0.68 million). Excluding depreciation charges, EBITDA amounted to €0.76 million which translated into an EBITDA margin of 44.3%.

Meanwhile, net finance costs remained at €0.37 million. On the other hand, GHM’s financial performance was boosted by the share of profit of €0.78 million from its investment in IC Çeşme Marina located in Turkey (in contrast to the share of loss of €0.41 million reported in H1 2021). In this respect, GHM explained that subsequent to the accounting classification of Turkey’s economy and currency as hyperinflationary, IC Çeşme Marina applied IAS 29 Financial Reporting in Hyperinflationary Economies which resulted in a significant increase in accounting profits being recorded.

Overall, GHM reported a pre-tax profit of €0.97 million (H1 2021: pre-tax loss of €0.1 million). After accounting for a tax charge of €0.09 million, the net profit for the period under review amounted to €0.88 million.

The condensed Statement of Financial Position as at 30 June 2022, compared to the corresponding figures as at 31 December 2021, shows that total assets increased by 8.2% to €28.5 million (31 December 2021: €26.3 million), largely reflecting the increase in the value of ‘Equity-accounted investee’ to €3.2 million compared to €0.71 million (following the application of IAS 29). Meanwhile, total liabilities increased marginally to €24.4 million. As a result, the company’s equity base expanded to €4.06 million compared to €2.15 million as at the end of 2021.


In their commentary, the Directors noted that GHM continues to monitor international developments on an ongoing basis with a view of assessing any impacts to the company’s business and cash flows. Nonetheless, GHM reaffirmed that it is well positioned to continue honouring its financial obligations as they fall due.