Tigné Mall plc - Full-Year Results

On 17 April 2023, Tigné Mall plc published its Annual Report and Financial Statements for the year ended 31 December 2022.

Performance Overview

Revenue surged by 22% to a record of €8.17 million (2021: €6.70 million), which, in turn, is 16.9% higher than the previous record revenue figure of just under €7.0 million for FY2019. The company explained that unlike the previous two years, the shopping mall operated without any interruptions and the financial performance was positively impacted by the post-pandemic recovery in consumer demand and tourism numbers.

On the expenditure side, total operating costs increased by 18% to €2.92 million reflecting higher cost of sales and administrative expenses. Given the higher increase in revenue than in expenses, operating profit surged by 24.3% to €5.25 million (2021: €4.22 million). Excluding depreciation charges, EBITDA increased by 20.2% to a record of €7.26 million which is above the record EBITDA of €6.17 million posted in 2019. However, the EBITDA margin eased to 88.9% in 2022 compared to 90.2% in 2021, but remained higher than the 2019 margin of 88.4%.

Meanwhile, net finance costs dropped by 19.4% to €0.47 million as the company continued with its fast pace of debt reduction. Indeed, bank borrowings contracted by 23.8% to €8.99 million compared to €11.8 million as at the end of 2021.

Overall, Tigné Mall reported a pre-tax profit of €4.78 million (2021: €3.64 million). After accounting for a tax charge of €1.01 million, the company posted a record net profit of €3.77 million which, in turn, is 33.8% higher than the previous year’s record of €2.81 million and translates into a return on average equity of 6.5% (2021: 5.3%).

The Statement of Financial Position as at 31 December 2022 shows that total assets increased by 0.5% to €91.6 million. On the other hand, total liabilities eased by 5.4% to €32.54 million largely due to the drop in bank borrowings. Shareholders’ funds grew by 4% to €59 million which translates into a net asset value per share of €1.046 (31 December 2021: €1.006).


The Directors of Tigné Mall are recommending the payment of a final net dividend of €0.0136 per share. The final dividend is payable on 12 July 2023 to all shareholders as at close of trading on 20 June 2023. Coupled with the net interim dividend of €0.0133 per share paid out in early September 2022, the total net dividend for the year amounts to €0.0269 per share which translates into a payout ratio of 40.3% and is the highest dividend payment by the company since its IPO in 2013.