Tigné Mall plc saw its revenues increase by 7.5 per cent in 2019, reaching a new record of just under €7 million.

In its annual report and financial statement for the year-end 2019, the company said that The Point Shopping Mall remained fully occupied despite increased competition in the market.

It reported an increase in sales at individual shops within the mall, off the back of robust incoming tourism figures, as well as increased investment in promotional campaigns.

In addition to this, revenues were positively impacted by the higher contribution from the operation of the car park following the acquisition of the temporary utile dominium of a further 132 car spaces in mid-December 2018.

With respect to costs, a busier environment within The Point, and investments in promotional activities led to higher costs in 2019.

When excluding the impact of IFRS-16 – Leases, it was found that costs rose by 10 per cent to €2.74 million when compared with 2019.

Despite this, Tigné Mall reported a 3.1 per cent growth in adjusted operating profits to €4.25 million, compared to €4.12 million in 2019.

Net financial costs increased marginally in 2019, to €0.67 million when adjusted for the impact of IFRS 16.

It recorded an overall increase of 2.6 per cent in pre-tax profits, to €3.58 million – compared with €3.49 million in 2018.

After accounting for a tax charge of €1.04 million, the company’s net profit for the year amounted to €2.54 million representing an increase of 3.4 per cent over the corresponding figure of €2.46 million for the 2018 financial year.

The Statement of Financial Position as at 31 December 2019 shows that total assets expanded by 3.7% to €84.4 million largely reflecting the recognition of ‘right-of-use assets’ amounting to €4.04 million.

Similarly, total liabilities increased by 5.5 per cent to €36.8 million as the recognition of lease liabilities amounting to €4.15 million outweighed the €2.48 million reduction in bank borrowings which dropped to €17 million as at the end of 2019.

While The Point Shopping Mall remains closed for business, and the duration of the COVID-19 crisis remains uncertain, the company had issued a press release to say it was monitoring the situation closely and expects the pandemic to have a significant impact on the business for 2020.

It confirmed that the company is expected to have sufficient funds to meet its obligations for the remainder of the year.