Central Business Centre plc (CBC) has reported a significant jump in profit for the year ending December 2024, with registering a profit before tax of €6.64 million from €53,769 in 2023.  

After tax, the profit for the year 2024 amounted to €3.48 million, up from €38,388 in 2023. The significant increase in profits is mainly due to the unrealised fair value movement of the investment property which amounted to €3.21 million net of deferred tax.

Nevertheless, CBC's profits before tax excluding the fair value of the investment property also increased from €53,769 in 2023 to €390,742 in 2024 mainly as a result of an increase in rental income from the prior year.

Central Business Centre plc works as a finance, investment and property-holding company. Properties owned by CBC are leased to third parties. 

During the year, the company acquired a commercial property in Central Business Centre, Birkirkara (Central Business Centre, Mrieħel), to further consolidate its asset base and service offering. During 2024, CBC also issued €3.25 million Zero Coupon Unsecured Callable Notes which will be due for redemption on 31 August 2025.

At the year-end, the company had various agreements for the lease of office, retail stores, warehousing and car spaces as applicable in the Central Business Centre Żebbug, Central Business Centre Gudja, Central Business Centre St. Julian's, Central Business Centre, Valletta and Central Business Centre Mrieħel.

As at 31 December 2024, Central Business Centre Żebbug and Central Business Centre Gudja were operating at 100 per cent capacity, Central Business Centre St. Julian's was operating at 88 per cent capacity, Central Business Centre Valletta was operating at 46 per cent capacity and Central Business Centre Mrieħel at 33 per cent capacity.

CBC is not envisaging any changes in operating activities for the forthcoming year. 

While considerable profits were recorded, the company is exposed to liquidity risk in relation to meeting future obligations associated with its financial liabilities, which comprise principally interest-bearing borrowings, lease liabilities and trade and other payables.

The company is due to pay over €10 million in borrowings, trade and other payables within one year.

Contingency plans have also been identified, aimed to generate further liquidity. These include the possibility of obtaining, additional bank financing, guaranteed by unencumbered assets owned by the company.