Trident Estates plc - Full-Year Results

On 30 May 2024, Trident Estates plc published its Annual Report & Financial Statements for the year ended 31 January 2024.

Performance Overview  

Revenues surged by 79% to €4.22 million (FY2022/23: €2.35 million) reflecting the new rental income generated by the tenants moving into Trident Park which had an average occupancy level of approximately 40%, with occupancy levels increasing further towards the end of the financial year, thus not contributing materially to the financial performance. Furthermore, in two other properties within the Group’s portfolio, management managed to secure new tenants at market rates that are better than the previous rates.

On the expenditure side, operating costs nearly doubled to €2.01 million (FY2022/23: €1.09 million), resulting in an operating profit of €2.21 million compared to €1.27 million in the previous year.

Net finance costs amounted to €1.50 million compared to €0.53 million driven by to the higher level of debt and the impact of variable interest rates.

The financial performance was boosted by the fair value gain of €0.59 million related to the Group’s investment properties, which however was materially lower than the €6.75 million in fair value gains accounted for in the previous year.

Overall, Trident generated a profit before tax of €1.23 million. After accounting for a tax charge of €0.24 million, the net profit amounted to €1.05 million.

The Statement of Financial Position shows that total assets increased by 1% to €104.0 million, principally composed of investment property totalling €97.3 million and includes a cash balance of €1.06 million. Total liabilities remained unchanged at €43.2 million. Total debt as at the end of January 2024 amounted to €31.6 million, including €3.98 million in lease liabilities. Total equity increased by 1.76% to €60.8 million, translating into a net asset value per share of €1.447 (31 January 2023: €1.4220).


In his commentary, the Chairman explained that Trident has signed tenancy agreements which will result in an occupancy of 83% in Trident Park (Mrieħel) once all contracted tenants move in over the upcoming months.

With respect to Trident House (Qormi), the Board is conducting a strategic review and is considering several enquiries and expressions of interest that have been received. The existing tenant is expected to vacate the premises by Q1 2026. Meanwhile, new tenants were signed for a number of the Group’s smaller properties.