Grand Harbour Marina plc - Full-Year Results

On 18 April 2023, Grand Harbour Marina plc published its Annual Report and Financial Statements for the year ended 31 December 2022.

Performance Overview

Revenues advanced by 7.8% to €3.90 million (2021: €3.62 million) reflecting the rebound in superyacht traffic from the low levels experienced during the pandemic.

On the expenditure side, operating expenses went up by 15.2% to €2.72 million reflecting higher direct costs and other administration expenses. Excluding depreciation and amortisation charges, EBITDA contracted by 4.7% to €1.60 million compared to €1.68 million in 2021. Meanwhile, net finance costs also trended lower to €0.7 million (-7.9%) as GHM generated a higher level of income from its investments in debt securities and its loans to related parties.

GHM’s joint venture in Turkey – IC Çeşme Marina – recorded a profit of €1.33 million in 2022 compared to a loss of €0.89 million in the previous year. GHM explained that IC Çeşme registered improved revenues from both seaside and landside activities, which translated to higher profitability. Furthermore, IC Çeşme Marina applied IAS 29 Financial Reporting in Hyperinflationary Economies subsequent to the accounting classification of Turkey’s economy and currency as hyperinflationary, which resulted in a significant increase in accounting profits being recorded.

Overall, GHM reported a pre-tax profit of €1.83 million (2021: loss of €0.49 million). After accounting for a tax charge of €0.27 million, the net profit for the year amounted to €1.56 million compared to a loss of €0.78 million in 2021.

The Statement of Financial Position as at 31 December 2022 shows that total assets climbed 9.1% to €28.7 million reflecting the increases in cash balances to €4.03 million (31 December 2021: €2.45 million) as well as the increase in the book value of the Group’s shareholding in IC Çeşme Marina to €3.65 million (2021: €0.7 million).  Total liabilities remained virtually unchanged at €24.3 million. As a result, GHM’s equity base more than doubled to €4.45 million compared to €2.15 million as at the end of 2021.


The Board of Directors stated that they will continue to monitor the direct and indirect impacts of various issues including the aftermath of the pandemic, Russia’s invasion of Ukraine, rising inflation, the earthquake in Turkey, and the increase in interest rates. Meanwhile, the Board reiterated that GHM is well-positioned to honour its financial obligations as they fall due and to meet the challenges posed by economic uncertainties.