Grand Harbour Marina plc - Full-Year Results

On 15 April 2025, Grand Harbour Marina plc published its Annual Report and Financial Statements for the year ended 31 December 2024.

Revenues almost doubled to €8.23 million (2023: €4.34 million) reflecting the impact of the one-time €3.75 million long term-berth sale. Excluding the sale, revenue from berthing and ancillary services increased by 3.4% to €4.48 million amid improvement in income generated from both pontoons and superyacht berths.

On the expenditure side, operating expenses rose to €5.22 million from €2.90 million in the previous year driven by higher direct costs, variable lease expenses, and operator fees.

Operating profit (EBIT) doubled to €3.0 million. Excluding depreciation and amortisation charges, EBITDA rose to €3.44 million (FY2023: €1.85 million), which mainly reflect the additional contribution of the one-time long term-berth sale.

Net finance costs remained virtually unchanged at the €0.7 million level.

Furthermore, GHM recorded a profit of €1.50 million from its joint venture in Turkey (IC Çeşme Marina), which is lower than the €2.63 million profit reported in the previous year. In this respect, GHM explained that IC Çeşme registered improved revenues from both landside and seaside activities notwithstanding that its performance was impacted by the depreciation of the Turkish Lira against the euro. The reduction in profit is mainly due to a tax charge of €2.6 million compared to a tax credit of €1.5 million in 2023.

Overall, GHM reported a pre-tax profit of €3.86 million, which is 14.8% higher than the previous year. After accounting for a tax charge of €0.44 million, the net profit for the year amounted to €3.42 million.

The Statement of Financial Position as at 31 December 2024 shows that total assets climbed by 24.8% (or €7.6 million) to €38.1 million reflecting an increase in the book value of the Group’s shareholding in IC Çeşme Marina to €11.4 million compared to €5.73 million as at 31 December 2023.  Total liabilities increased by 4.7% to €25.2 million, which include the outstanding bonds of €15 million and lease liabilities of €6 million. GHM’s equity base doubled to €12.9 million compared to €6.47 million as at the end of 2023.

Dividends

GHM paid a net interim dividend of €0.01716 per share on 15 July 2024 and a further net interim dividend of €0.044 per share on 30 October 2024.

Outlook

The Board of Directors explained that the Group’s results reflect the stability of the company’s business model, despite the uncertainties caused by the wars around the world and the potential global trade war. The Board noted that it will continue monitor the direct and indirect impacts of these situations on the business model and cash flow generation, but highlighted that the Group is well-positioned to meet the challenges posed by economic uncertainties.