Investment and property-holding company Central Business Centres plc (CBC) on Tuesday announced that it registered €1.8 million in revenue during 2022, representing a 20 per cent increase from the previous year’s €1.5 million.

The company’s administrative expenses also increased, going up by 40.5 per cent from 2021’s €176,655 to €248,169 in 2022. Similarly, finance costs were also on the rise, surging by 76.8 per cent up to €1.3 million.

These results prompted the company to experience a profit before tax for 2022 of €277,245, a significant drop from 2021’s €5.3 million. However, this was largely due to the company being credited €4.7 million in fair value movement related to investment property in 2021.

CBC’s investment property spans four localities in Żebbug, Gudja, St Julian’s, and Valletta. During September 2021, they were revalued on the basis of open market value with knowledge of the properties’ specific locations, sizes of sites, development potential, and availability of similar properties in the area, as well as in terms of recent transactions for similar properties in the same location. These properties are all complete and are being leased out.

Additionally, CBC shared that the finishing of its Villa Fieres in St Julian’s is almost complete, and it will start operating in the third quarter of 2023.

The company’s financial position remained relatively stable, with total assets only marginally increasing to €58.2 million. Its Board of Directors did not announce whether a dividend will be paid or not during the year.

On May 2022, CBC repurchased and cancelled €15,000 of its 5.25 per cent unsecured 2025 S2T1 bonds.

The Board described the company’s performance over 2022 as “satisfactory”, with its general level of operating level expected to be sustained in the foreseeable future.

CBC, a sister company of Cortis Group, was established as a property development company operating primarily within the real estate and property market in order to carry out business as a finance, investment, property development, and property-owning company. The company aims to "create and promote" the Central Business Centres brand through the development and finishing of other business centres and properties for commercial or residential use.