Malta Properties Company plc - Quarterly Update

On 28 October 2022, Malta Properties Company plc published details about its financial performance covering the nine-month period ended 30 September 2022 compared to the same period in 2021.

Revenue surged by 11.3% to €3.04 million (Jan-Sep 2021: €2.73 million) reflecting the initial income from the Zejtun property and contributions from the MIB Buidling in Ta’ Xbiex which was acquired earlier this year. With respect to the Zejtun property, MPC explained that the handover started during the third quarter of this year and is expected to be fully handed over to its tenant GO plc by the end of 2022.

MPC explained that despite various cost pressures, the company improved its operating profit by 19.3% to €2.21 million (Jan-Sep 2021: €1.85 million), which in turn translates into a higher EBIT margin of 72.6% compared to 67.7% in the same period last year.

However, in view of lower fair value gains of €1.07 million (Jan-Sep 2021: €1.93 million) as well as deferred tax related to the acquisition of the Ta’ Xbiex property, MPC registered a net profit for the period of €1.28 million, which is lower than the €2.56 million figure of last year.


MPC explained that the company maintains a positive outlook and expects to be able to increase its income to compensate for the prevailing higher costs. In this respect, MPC noted that the renovation of the Marsa Spencer Hill property is progressing well and is anticipated to be completed in 2023.