Agora Estates plc, a property development and property investment holding company, reported a 29 per cent increase in revenues in 2024 when compared to 2023.

This was published in the group’s annual report for the financial year ended 31st December 2024. The group’s principal activity is to hold investments in subsidiary companies, which hold investment properties for capital appreciation and long-term rental yields, as well as other properties held for re-sale. It also raises capital from financial markets to support the financing needs of its subsidiaries.

The main driver for the increase in revenue was that rental spaces of the commercial properties forming part of the group’s investment properties that were leased for only a portion of the previous financial year generated a full year of rental income in the current year. Furthermore, the rental rates continued to increase in line with the contractual operating lease agreements and market conditions.

Operating costs remained under good control at €581,587 (2023: €646,451), with however a marked increase seen in finance costs to €840,641 (2023: €558,863), as Agora Estates sourced funding through the bond market during 2024 of €21,000,000.

A portion of these proceeds were utilised to repay some of the group’s bank facilities with other proceeds being allocated for the construction and development of one of the group’s investment properties, the De Rohan Business Centre in Zebbug, Malta.

Despite the increase in funding, the group remains strongly capitalised with an equity base of €30.7 million and net gearing, calculated as net debt (that is, interest-bearing liabilities less surplus cash balances) over net debt plus total equity, stood at 35.6 per cent.

Agora Estates generated a profit before income tax for the year ended 31st December 2024 of €108,481 (2023: €2,448,224). The financial results for 2023 included a fair value gain on investment properties amounting to €2,135,334.

The group’s total assets increased by close to €12 million to €65,947,122 (2023: €54,077,770), with investment properties constituting a significant portion of this value.

In line with its operating plan, Agora Estates continued with constructing and finishing a mixed-use property project in Iklin and a residential project in Birkirkara whilst also continuing with the excavation and preparatory works for the construction of the De Rohan Business Centre.

James Zammit, the Group CEO, indicated that the plan is to have the De Rohan project constructed by the end of 2025 and to have it fully operative by end 2026. The group is also coordinating to acquire additional properties to continue building up its investment property portfolio.

The Directors of Agora Estates plc did not recommend the payment of a dividend.