Grand Harbour Marina plc - Full-Year Results

On 26 April 2024, Grand Harbour Marina plc published its Annual Report and Financial Statements for the year ended 31 December 2023.

Performance Overview

Revenues advanced by 11.1% to €4.34 million driven by an increase in superyacht traffic.

On the expenditure side, operating expenses went up by 6.3% to €2.90 million reflecting higher personnel expenses.

Operating profit (EBIT) surged by 22.2% to €1.44 million. Excluding depreciation and amortisation, EBITDA increased by 15.6% to €1.85 million compared to €1.60 million in 2022. Consequently, the EBITDA margin rose to 42.6% (2022: 40.9%) while the EBIT margin climbed to 33.2% (2022: 30.2%).

Net finance costs remained virtually unchanged at €0.71 million.

GHM recorded a profit of €2.63 million from its joint venture in Turkey (IC Çeşme Marina), which is nearly double the profit generated in the previous year. GHM explained that IC Çeşme registered improved revenues from seaside activities reflecting an increase in berthing prices, which translated to higher profitability as it outweighed the foreign exchange losses from the large depreciation of the Turkish lira against the Euro.

Overall, GHM reported a pre-tax profit of €3.34 million an 84% increase from 2022. After accounting for a tax charge of €0.46 million, the net profit for the year amounted to €2.91 million.

The Statement of Financial Position as at 31 December 2023 shows that total assets climbed by 6.2% (or €1.8 million) to €30.5 million reflecting an increase in cash balances to €5.18 million (31 December 2022: €4.03 million) as well as the increase in the book value of the Group’s shareholding in IC Çeşme Marina to €5.73 million (2022: €3.65 million).  Total liabilities remained virtually unchanged at €24.1 million. As a result, GHM’s equity base rose by 45.5% (or 2.02 million) to €6.47 million compared to €4.45 million as at the end of 2022.


In May 2023, GHM paid a net interim dividend per share of €0.01716 per share. The board did not recommend a final dividend.


The Board of Directors stated that they will continue to monitor the direct and indirect impacts of various macroeconomic and geopolitical issues including Russia’s invasion of Ukraine, rising inflation, and changes 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.