The year under review has seen continuing interest in Trident Park, leading to a further increase in occupancy levels. This momentum, coupled with changes in tenancies across other properties, has resulted in higher rental incomes. Revenues for the year amounted to €4.2 million, an impressive 79% increase compared to the turnover in 2023.
Chairman Louis A. Farrugia said, “Operating profits for the year reached €2 million, doubling from €1 million last year.” The profit before taxation for the year stood at €1,298,000, compared to €7,486,000 in the previous year. The previous year’s higher profits were driven by significant unrealized fair value gains on the property portfolio.
As anticipated, the sharp increase in the European Central Bank reference interest rate has impacted borrowing costs.
A significant milestone was achieved with the completion and grand inauguration of the Trident Park project on June 28, 2023. This event garnered widespread critical acclaim, including praise from various newspaper editorials and international recognition. The project’s commendation underscores its substantial contribution to enhancing Malta’s built environment.
Throughout FY 2024, the management team focused on the operational side of the development as new tenants populated the campus. Strong technical support was provided to incoming tenants concerning their fit-out requirements. The campus continued to attract interest from prospective new tenants, with numerous on-site viewings and presentations held. Tenant satisfaction remains at the heart of our endeavours, ensuring that office spaces align with the vision and requirements of occupants.
The office market in Malta is currently experiencing challenges due to an oversupply of office space and the growing work-from-home trend. The Company’s CEO Charles Xuereb stated, “The signed lease agreements account for 83% occupancy, achieved due to the distinctive features of the Trident Park development, including green credentials, open spaces, natural light, parking, and other quality amenities. The goal for the coming year is to attain near full occupancy at Trident Park by attracting additional high-quality tenants.”
Looking ahead, the Company is evaluating options for Trident House in Marsa post-2026. The potential of the site has been recognized by third parties, with several enquiries and expressions of interest currently being assessed by the Board as part of a strategic review.
The performance over the past year has met the Company’s expectations and demonstrated the team’s resilience and unwavering commitment to excellence. As the achievements are celebrated, the Company is embarking on a comprehensive strategic review to ensure our continued growth and success in the dynamic market landscape.
Trident Park is a premier development in Malta, known for its sustainable design, innovative features, and commitment to enhancing the built environment.
