Bonnici Bros. Properties plc has posted a solid financial performance for the year ended 31st December 2024, reporting a profit after tax of €885,700 – a marked increase from the modest €1,364 reported the previous year.

This growth was primarily driven by the successful acquisition and leasing of a new property, alongside a notable uplift in the fair value of the company’s investment portfolio.

According to the company’s audited financial statements and Directors’ Report, the firm acquired the Green Grove Guesthouse in Swieqi on 27th March 2024. The guesthouse, which holds a comfort licence issued by the Malta Tourism Authority, was subsequently leased out to a third party from 15th April 2024. The purchase was financed partly through internally generated funds and supplemented by a bank loan under standard commercial terms.

The company’s profit before taxation soared to €1,440,807 in 2024, up from €590,233 in 2023, underpinned by two main factors: the income generated from the newly leased guesthouse and a significant revaluation gain in its property portfolio.

Despite the increase in pre-tax earnings, the net profit was affected by a higher tax burden stemming from the increased market value of investment properties, particularly those acquired during the year. Still, the company's financial standing remains “satisfactorily healthy”, with total equity rising to €17,946,886 from €17,061,186 in 2023.

The company continues to operate with a stable investment model centred on generating rental and ancillary income through its immovable property assets. Directors noted that no changes are currently envisaged to the company’s business model, and no significant events have occurred post-reporting date that would impact its operations.

Looking ahead, the company remains optimistic about further fair value gains in its property holdings, supported by ongoing projects and strategic management.

Risk management remains a core responsibility of the board, especially given the company’s exclusive investment in the local property market, which is subject to cyclical fluctuations. Cumulatively, Bonnici Bros. Properties has recognised a net fair value gain of €8,510,879, up from €7,591,751 in 2023.

The company has decided not to issue dividends for the year. Instead, retained earnings amounting to €6,327,011 will be carried forward, allowing for further reinvestment and financial stability.