Malita Investments plc - EGM Presentation

On 28 November 2024, Malita Investments plc held an Extraordinary General Meeting which approved a change in auditors from PricewaterhouseCoopers to KPMG. During the meeting, the company also delivered a presentation providing shareholders with further information on various matters, including a simplified financial unaudited report (excluding IFRIC 12 adjustments and fair value movements) showing its performance during the nine-month period ended 30 September 2024, compared to the previous year.

Revenue increased by 19% to €8.88 million compared to €7.46 million in the same period last year reflecting the introduction of 240 units and 192 garages/car spaces across 5 housing sites during the first nine months of 2024. Malita explained that the total completed housing units now stood at 392 apartments and 253 garages/car spaces.

Expenses increased by 14% to €0.69 million as the company incurred higher administrative costs and professional fees.

Meanwhile, net finance costs dropped by 15% to €0.74 million as the company invested excess liquidity in risk-averse financial instruments in order to offset finance costs.

Overall, the profit before tax for the period amounted to €7.44 million, which is 24% higher than the €5.99 million level for the first nine months of 2023.