Plaza Centres plc - Full-Year Results

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

Performance Overview

Revenue advanced by 7.7% to €3.09 million (2022: €2.87 million). The company explained that the office space at the Plaza Business Centre had an occupancy averaging 99% throughout 2023. Furthermore, two new retail stores opened in the Shopping Centre, which ended the year with an occupancy level of 84%.

On the expenditure side, total operating costs increased by 3.3% to €1.49 million. However, due to the sharper rise in revenues than costs, operating profit (‘EBIT’) surged by 12.2% to €1.60 million, which translates into an EBIT Margin of 51.8% (2022: 49.7%). Excluding depreciation and amortisation charges, EBITDA increased by 9.3% to €2.12 million, resulting in an improved EBITDA Margin of 68.6% (2022: 67.5%).

After taking into account net finance costs of €0.05 million, tax charges of €0.44 million and a minimal profit attributable to non-controlling interest, the net profit for the year attributable to shareholders amounted to €1.11 million which translates into a return on average shareholders’ funds of 4.1% compared to 2.9% in the previous year.

The Statement of Financial Position as at 31 December 2023 shows that total assets remain virtually unchanged at €37.0 million. Meanwhile, total liabilities dropped by 4.3% (or €0.4 million) to €9.8 million, largely reflecting lower levels of debt (-€0.42 million to €5.22 million). Overall, shareholders’ funds rose by 2.2% (or €0.59 million) to €27.2 million which translates into a net asset value per share of €1.0675 (31 December 2022: €1.0443).


The Directors are recommending the payment of a final net dividend of €0.0137 per share to all shareholders as at close of trading on 16 May 2024 subject to shareholders’ approval at the upcoming Annual General Meeting scheduled to be held on Wednesday 19 June 2024.

Coupled with the net interim dividend of €0.0098 per share paid out in August 2023, the total net dividend for the year amounts to €0.0235 per share, unchanged from the previous year, and translates into a payout ratio of 54%.


In their commentary, the Directors noted that the expected rise in consumption and slowdown in inflation are expected to drive growth in 2024. Nonetheless, the Group remains cognisant of the challenges stemming from competition in the commercial real estate as well as retail shopping centre markets. In this context, the Company is confident that the investments being made to upgrade the property will ensure that it will remain competitive and attract new tenants. Furthermore, the Directors expect an improvement in occupancy levels when compared to 2023. The Board will also continue to explore the feasibility and attractiveness of a number of growth opportunities which make economic sense to the business.