Plaza Centres plc - Interim Results

On 2 August 2023, Plaza Centres plc published its interim financial results covering the six-month period ended 30 June 2023.

Revenue increased by 5% to €1.51 million as Plaza’s occupancy level remained unchanged from last year at 90% but the company benefitted from the operations of Esports Avenue Limited (ownership of 51%), as well as the refurbished food hall and a gym.

The growth in revenue was offset by a 10.9% increase in operating costs to €0.68 million (H1 2022: €0.61 million) resulting in an unchanged operating profit of €0.83 million. Excluding depreciation, EBITDA also remained unchanged at €1.07 million.

Plaza reported lower levels of finance costs (net of investment income) amounting to €0.04 million compared to €0.15 million in H1 2022. After accounting for a tax charge of €0.23 million, Plaza reported a net profit for the period of €0.56 million, which was 21.6% higher than that of the first half of 2022.

The condensed Statement of Financial Position as at 30 June 2023, compared to the financial position as at 31 December 2022 shows that total assets expanded by €0.2 million to €37.0 million. On the other hand, total liabilities declined by €0.1 million to €10.1 million whilst the company’s equity base expanded by €0.3 million to €26.9 million which translates into a net asset value per share of €1.054.


Shareholders as at close of trading on Friday 11 August 2023 will receive an unchanged net interim dividend of €0.0098 per share. The dividend represents a payout ratio of 44.6% and will be paid on Wednesday 30 August 2023.


In their commentary, the Directors explained that they are not anticipating any significant changes in the company’s performance in H2 2023. Nonetheless, Plaza remains cautious for the future amid the prevailing macro-economic challenges mainly due to the armed conflict in Ukraine and the current surge in inflation. Furthermore, Plaza is seeking to further improve the sustainability of their complex by replacing the atrium roof, and installing more solar panels among other initiatives.