Exalco Properties Limited, the guarantor of the €15 million bond issued by Exalco Finance plc, has reported a profit after tax of €2.4 million for the year ended 31st December 2024, up from €2.2 million the previous year.

The company also strengthened its balance sheet, with net assets rising to €54.7 million, compared to €52.9 million in 2023. Revenue for the year reached €5.6 million, an increase driven primarily by revised rental agreements that reflect current market rates.

Exalco Properties owns and manages six premium business centres across Malta, including Phoenix Business Centre, Marina Business Centre, and Savoy Business Centre. The company is currently working to redevelop the latter. It had acquired the Savoy Hotel from Almo Properties Limited for €5.4 million early in 2023 through a deed of sale. The property, located right on the border between Sliema and Gżira, has fallen into a state of ruin over recent years after a long-running legal saga between different members of the site’s former owners and groups of potential buyers.

While results for 2024 were positive, the company acknowledged that it continues to operate in unprecedented times, and management remains alert to rapidly shifting economic conditions. It has committed to closely monitoring developments and taking all necessary steps to mitigate any potential impact on operations.