Trident Estates plc - Full-Year Results
On 19 May 2023, Trident Estates plc published its Annual Report & Financial Statements for the year ended 31 January 2023.
Revenues more than doubled to €2.35 million (FY2021/22: €1.13 million) reflecting the new rental income generated by the tenants moving into Trident Park.
On the expenditure side, operating costs increased by 35% to €1.08 million whilst net finance costs amounted to €0.53 million compared to €0.18 million in the previous financial year.
The financial performance was boosted by the fair value gain of €6.75 million related to the Group’s investment property known as Trident House located in Qormi.
Overall, Trident reported a profit before tax of €7.49 million and a net profit of €6.57 million, which are substantially higher to the amounts recorded in the previous financial year in view of the lower level of business as well as the absence of fair value gains of investment property in 2021/22.
The Statement of Financial Position shows that total assets increased by 22.1% to €102.9 million, largely driven by the €17.9 million increase in investment property to €96.5 million. Total liabilities increased by 38.8% to €43.2 million as the company increased borrowings by €8.47 million to €25.2 million for the completion of the Trident Park project. Overall, total equity increased by 12.4% to €59.7 million which translates into a net asset value per share of €1.422.
In his commentary, the CEO provided an update with respect to various properties within the Group’s portfolio. Mr Xuereb explained that the demand for space at Trident Park (Mriehel) emanated from a wide spectrum of businesses and signed-up occupancy levels reached 63% as at the time of writing of the report. The company is also targeting a material increase in the occupancy rate over the next year.
With respect to Trident House (Qormi), the Board is conducting a strategic review and is considering a number of enquiries and expressions of interest that have been received. The existing tenant is expected to vacate the premises by Q1 2026. Meanwhile, new tenants were signed for the properties at Bisazza Street (Sliema) and the former KFC Gzira site.