Grand Harbour Marina plc - Interim Results

On 29 August 2024, Grand Harbour Marina plc published its interim financial statements covering the six-month period ended 30 June 2024.

Revenues remained relatively unchanged at €2.06 million as the higher pontoon revenues offset the drop in superyacht turnover.

On the expenditure side, total operating costs moved 4.5% lower at €1.34 million mainly reflecting a drop in direct and personnel costs. Consequently, operating profit grew by 5.6% to €0.72 million (H1 2023: €0.68 million). Excluding depreciation charges, EBITDA climbed by 5.0% to €0.92 million, which translates into an EBITDA margin of 44.9%.

Meanwhile, net finance costs decreased by 4.9% to €0.35 million. On the other hand, GHM’s financial performance was positively affected by the share of profit of €3.26 million from its investment in IC Çeşme Marina located in Turkey (in contrast to the share of loss of €0.06 million reported in H1 2023), significantly boosted by a reduction in foreign exchange losses following IC Çeşme’s repayment of euro-denominated loans.

Overall, GHM reported a pre-tax profit of €3.66 million (H1 2022: €0.24 million). After accounting for a tax charge of €0.16 million, the net profit for the period under review amounted to €3.49 million.

The condensed Statement of Financial Position as at 30 June 2024, compared to the corresponding figures as at 31 December 2023, shows that total assets increased by 17.6% to €35.9 million (31 December 2023: €30.5 million). Meanwhile, total liabilities increased by 5.0% to €25.2 million, whilst the equity attributable to shareholders surged by 64.9% to €10.7 million compared to €6.5 million as at the end of 2023.

Outlook

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.