Grand Harbour Marina plc - Interim Results

On 25 August 2023, Grand Harbour Marina plc published its interim financial statements covering the six-month period ended 30 June 2023.

Revenues increased by 21.4% to €2.08 million (H1 2022: €1.71 million) driven by increased superyacht visitors and high utility consumption.

On the expenditure side, total operating costs were 20.8% higher at €1.40 million mainly reflecting an increase in direct costs. Given the sharper increase in revenues than costs, operating profit surged by 22.7% to €0.68 million (H1 2022: €0.55 million). Excluding depreciation charges, EBITDA amounted to €0.88 million which translated into an EBITDA margin of 42.2%.

Meanwhile, net finance costs decreased by 4.9% to €0.35 million. On the other hand, GHM’s financial performance was negatively affected by the share of loss of €0.06 million from its investment in IC Çeşme Marina located in Turkey (in contrast to the share of profit of €0.78 million reported in H1 2022, which was heavily attributed to changes in accounting policy.)

Overall, GHM reported a pre-tax profit of €0.24 million (H1 2022: pre-tax gain of €0.97 million). After accounting for a tax charge of €0.12 million, the net profit for the period under review amounted to €0.12 million.

The condensed Statement of Financial Position as at 30 June 2023, compared to the corresponding figures as at 31 December 2022, shows that total assets decreased by 1.9% to €28.2 million (31 December 2022: €28.7 million). Meanwhile, total liabilities remained relatively unchanged at €24.3 million, whilst the equity attributable to shareholders decreased by 8.15% to €3.90 million compared to €4.24 million as at the end of 2022. Consequently, the return on average equity for the period was just over 6%.


In their commentary, the Directors noted that GHM continues to monitor international developments in the aftermath of the coronavirus pandemic, the Russian invasion of Ukraine as well as rising inflation and the increase in interest rates. Nonetheless, GHM reaffirmed that it is well-positioned to meet the challenges posed by the aforementioned economic uncertainties.