Main Street Complex plc - Full-Year Results

On 24 April 2024, Main Street Complex plc published its Annual Report and Financial Statements for the year ended 31 December 2023.

Performance Overview

Revenue increased by 2.9% to €0.81 million, which is 1.2% below the record revenue of €0.82 million generated in 2019.  The company explained that during 2023, occupancy levels remained stable at 98.5%.

Total operating costs increased by 2.2% to €0.33 million. Excluding depreciation, EBITDA increased by 1% to €0.58 million. Meanwhile, operating profit (‘EBIT’) improved by 3.4% to €0.48 million but remained 7.4% below the record EBIT of €0.52 million registered in 2019. As a result, the EBITDA margin fell to 71.7% (2022: 73.0%) while the EBIT margin climbed to 59.2% (2022: 58.9%) but remained below the margins achieved prior to the pandemic.

Overall, Main Street Complex reported a pre-tax profit of €0.48. After accounting for a tax charge of €0.12 million, net profit amounted to €0.35 million which translates into a return on average equity of 3.24% (2022: 3.05%; 2019: 3.36%).

The Statement of Financial Position as at 31 December 2023 shows that total assets remained relatively unchanged at €12.4 million. Total liabilities increased by 1.6% to €1.45 million. Shareholders’ funds remained unchanged at €10.9 million which translates into a net asset value per share of €0.564 (31 December 2022: €0.563).


The Directors of Main Street Complex are recommending the payment of a final net dividend of €0.011 per share to shareholders as at close of trading on 29 May 2024, subject to shareholders’ approval during the upcoming Annual General Meeting scheduled to be held on 28 May 2024.

Coupled with the net interim dividend per share of €0.00720 which was paid out in September 2023, the total net dividend for the year amounts to a record of €0.0182 per share which is 3% higher than last year’s dividend and translates into a 100% payout ratio.


In their commentary, the Directors also explained that in view that a number of concession agreements expiring between 2024 and 2025, discussions with new and existing tenants have commenced with mixed results.  Meanwhile, Main Street will be commencing a refurbishment process in the upcoming two years during which the Complex will continue uninterrupted business. The project will be funded from the Company’s cash reserves.

The Directors explained that a number of initiatives being taken in the vicinity will positively impact the economic activity of the area, including the opening of a new regional health centre.

On the other hand, the Board acknowledged that there are several challenges including the opening of new shopping malls in the South of the island, ever-increasing online and overseas shopping, as well as inflationary pressures on costs.