On 22 September 2022, Trident Estates plc published its interim financial results covering the six-month period ended 31 July 2022.
Trident registered record revenues (at interim stage) of €0.89 million (H1 2021/22: 0.54 million) reflecting the new rental income from Trident Park tenants which commenced during the period.
On the expenditure side, total operating costs increased to €0.55 million (H1 2021/22: €0.43 million) reflecting higher levels of direct costs in relation to the Trident Park property operation. Meanwhile, finance costs remained at €0.09 million.
Overall, the company reported a pre-tax profit of €0.27 million compared to €0.03 million in the comparable period last year. After accounting for tax charges of €0.11 million, Trident posted a net profit of €0.15 million.
The condensed Statement of Financial Position as at 31 July 2022 (compared to the figures as at 31 January 2022) shows that total assets increased by 6.5% to €89.8 million reflecting the further progress in the development of Trident Park. On the other hand, total liabilities grew by 17% to €36.6 million reflecting the additional borrowings taken on for the completion of Trident Park. Total equity increased marginally to €53.3 million which, in turn, translates into a net asset value per share of €1.269.
Update on Trident Park project
In their commentary, the Directors of Trident explained that civil works have been completed, while a number of other finishing works are progressing towards completion. The Directors noted that the project suffered delays due to labour shortages and long lead-times, which resulted in delayed receipt of rent. Occupancy levels have also been impacted by a number of factors over the past two years, including the pandemic, the war in Ukraine and the localised effects of the grey listing of Malta. Nonetheless, Trident Park is now operational, and an encouraging level of interest is being shown in the property, especially following the easing of restrictive measures and Malta’s removal from the FATF grey list. In this respect, negotiations are underway with interested tenants.
The Directors and management are also currently evaluating options of how to best utilise Trident House (Qormi) which is expected to be vacated by January 2025 and the KFC outlet in Gzira, which will be vacated in the third quarter of this financial year.