MIDI plc - Full-Year Results

On 29 April 2025, MIDI plc published its Annual Report and Financial Statements for the year ended 31 December 2024.

Revenue decreased by 17.8% to €3.35 million as MIDI had no inventory of residential apartments which it could deliver in 2024. However, revenue generated from the property rental and management segment increased by 1% to €3.22 million.

Administrative expenses and cost of sales remained relatively unchanged at €4.32 million. However, MIDI also recorded a €2.0 million impairment charge on inventory, which is higher than the charge of €1.11 million recorded in the previous year.

As a result, MIDI reported an operating loss of €2.91 million, compared to the loss of €1.13 million recorded in 2023.

Net finance costs remained practically unchanged from the previous year at €2.53 million.

MIDI’s share of profit from its 50% shareholding in ‘The Centre’ increased by 11.5% to €1.72 million from €1.56 million in 2023, all fully generated from rental operations.

Overall, MIDI reported a pre-tax loss of €3.70 (2023: 2.06 million) and a net loss of €3.78 million (2023: €1.51 million).

The Statement of Financial Position as at 31 December 2024 shows that total assets increased by 1.5% (or €3.93 million) to €258.7 million. In this respect, inventories related to its development project increased by €13 million to €163.3 million and cash decreased by €8.4 million to €13.2 million. Total liabilities increased by 6.3% (or €9.9 million) to €165.3 million driven by an increase in payables. MIDI’s borrowings as at the end of 2024 amounted to €60 million and the lease liabilities amounted to €16.7 million. Total equity fell by 6.0% (or €5.9 million) to €93.4 which translates into a net asset value per share of €0.436 (31 December 2023: €0.464).

Outlook

The Directors explained that MIDI has secured promise of sale agreements for over 90% of the apartments in the Q3 – Fortress Gardens apartment block. The company expects revenues and profits to start being recognized in the 2025 financial statements upon the delivery of these apartments to their new owners.

Update on Manoel Island

The Company recognizes that the expected returns from the Manoel Island development are not anticipated to materialize in the short term as delays are being experienced due to the discovery of archaeological finds and the prolonged process for approval of the full development permit by the Planning Authority, which remains pending approval. In the meantime, site preparatory works have been carried out on the Manoel Island site under the supervision of an archaeological monitor.

The Company continued negotiating with AC Enterprises Limited to organise a joint venture with regards to the Manoel Island development and noted significant progress, but no transaction has been concluded yet.