Grand Harbour Marina plc (GHM) anticipates a pre-tax profit of €2.8 million for FY2025, compared to €3.8 million in FY2024. This temporary decline reflects the absence of budgeted long-term berth sales, which represent non-recurrent revenue and do not impact the company’s core operational strength.
Excluding these one-off sales, GHM is still expecting an improvement in overall profitability, projecting a 1.6% aggregate increase from other revenue streams, mainly due to “lower operating expenses, higher net finance costs as well as a higher contribution from its investment in IC Çeşme.”
GHM is a subsidiary of Camper & Nicholsons Marina Investments Limited (CNMIL), a Guernsey-registered company. It operates the Grand Harbour Marina in Vittoriosa, providing berthing facilities as well as quayside and marina-related services for yachts. CNMIL also manages the IC Çeşme Marina in Turkey.
In its Financial Analysis Summary, the company based its FY2025 forecasts on several assumptions. One key assumption is that no long-term berth sales have been budgeted for the year, as these represent a non-recurring revenue stream.
After accounting for tax-related expenses of €200,000, net profit for FY2025 is projected at €2.5 million, down from €3.4 million in FY2024.
GHM is also forecasting a decline in average superyacht occupancy, expected to fall to 61 per cent in FY2025 from 65 per cent in FY2024. A GHM spokesperson confirmed that “this is simply due to the charter plans of each distinct berth owner.”
Operating costs are expected to decline sharply by 43.3 per cent, reaching €2.7 million, largely due to the exclusion of superyacht berth sales from the FY2025 budget. As a result, EBITDA is projected to decline to €1.8 million in FY2025, down from €3.4 million in FY2024.
Net finance costs are expected to increase by €200,000, rising from €600,000 in FY2024 to €800,000 in FY2025. This is due to the non-recurrence of prior gains from reversed credit losses and reduced loan-related income as repayments are made.
The share of profit from IC Çeşme is expected to rise to €2.2 million in FY2025, up from €1.5 million in FY2024. This growth is driven by higher revenue, lower utility costs thanks to planned investment in an in-house reverse osmosis system, increased salaries, and the Turkish subsidiary’s forecasted reduction in foreign exchange losses.
