MIDI plc - Full-Year Results

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

Performance Overview

Revenue increased by 19.2% to €4.07 million reflecting the increase in revenues generated from the development and sale of property to €0.89 million compared to €0.23 million in the previous year. Meanwhile, turnover generated from the retail and management of property segment remained virtually unchanged from the previous year at €3.18 million.

Total operating costs (net of other income) increased by 8% to €4.09 million on the back of higher administrative costs. Furthermore, MIDI recognised an impairment charge of €1.11 million on the carrying amount of inventory, compared to the fair value loss of €1.05 million on investment property recognised in the previous year.

As a result, MIDI reported an operating loss of €1.13 million, which however was an improvement over the operating loss of €1.41 million recorded in 2022.

Net finance costs decreased by 6.4% to €2.53 million as the company reduced its total debt to €73.1 million from €78.2 million in the previous year.

MIDI’s share of profit from its 50% shareholding in ‘The Centre’ slumped by 21.4% to €1.56 million from €1.98 million in 2022. MIDI explained that the third floor of the building was sold for a total value of €13.6 million with the profit being attributable to an increase in fair value recognised in 2017.

Overall, MIDI reported a pre-tax loss of €2.06 and a net loss of €1.52 million, which is an improvement over the net loss of €2.28 million in the previous year.

The Statement of Financial Position as at 31 December 2023 shows that total assets increased by 9.9% (or €22.9 million) to €254.7 million largely reflecting the increase in inventories related to its development project (+€9.5 million to €150.4 million) and cash (+€16.6 million to €21.6 million). Total liabilities increased by 19.0% to €155.4 million mostly due to the increase in payables (+€31.4 million to €78.7 million). Shareholders’ funds contracted by 1.9% (or €1.95 million) to €99.3 million which translates into a net asset value per share of €0.4638 (31 December 2022: €0.4729).


The Directors of MIDI are recommending the payment of a net dividend of €0.009 per share to shareholders as at the close of trading on 24 May 2024, subject to shareholders’ approval during the upcoming Annual General Meeting scheduled to be held on 27 June 2024. The dividend, which is the largest dividend ever distributed by the company and the first in the last five years, is expected to be paid on 19 July 2024.


The Directors explained that MIDI successfully launched the apartments of its latest residential development at Tigné Point (known as Q3 – Fortress Gardens). In this respect, more than 70% of the properties are subject to a promise of sale, but revenue will only be recognised once the final deeds of sale are entered into with the respective buyers.

Update on Manoel Island

Concerning the development of Manoel Island, the Directors reiterated that discussions with the Government are ongoing about the specific remedies to mitigate the impact of the reduction of development volumes after archaeological finds were discovered on the Manoel Island site as well as to the extension to the substantial completion date detailed in the Deed for the entire development.

Following the signing of a non-binding memorandum of understanding with AC Enterprises Limited in December 2021 the Company has continued negotiating with AC to organise a joint venture with regards to the Manoel Island development and noted significant progress, but no transaction has been concluded yet.

The Company also explained that in March 2024, the Planning Board deferred the hearing of this full development application on the basis that Manoel Island lies within the proposed buffer zone for the Valletta World Heritage Site. The Company is confident that the proposed development of Manoel Island does not impact the status of the Valletta World Heritage Site, after having consulted the National World Heritage Technical Committee. A decision on this application is expected during the second half of 2024. In the meantime, site preparatory works are ongoing on the Manoel Island site under the supervision of an archaeological monitor. MIDI remains confident that the full development permit will be secured.