Joel Group plc, a property development and hospitality company, reported a 33.7 per cent pre-tax profit increase, from 2023's €4.48 million to €5.99 million in 2024. 

This was published in the group’s Annual Report for the financial year ended 31st December 2024.

The group’s principal activity is to hold investments in subsidiary and associate companies. It also raises capital from financial markets to support the financing needs of its subsidiaries.

The group's hotel segment only commenced operations in November 2024, following the completion of the Hyatt Centric development in St Julians.

Formed in the beginning of 2022, Juel Group plc generated a turnover of €6.6 million in 2024, compared to €749,557 achieved in 2023. The turnover was split as follows.

• €6.13 million from hotel operations
• €671,534 from property rentals (2023: €696,257), and
• €5.32 million from property development (2023: €20,000)

Direct costs rose significantly to €3.83 million, compared to €411,589 in the previous year. Administrative expenses stood at €1.44 million in 2024, an increase by 478.8 per cent when compared to 2023’s €249,050.

Due to another income amounting to €1.1 million in 2023, the group’s operating profit stood at €1.33 million in 2024, slightly higher than the €1.19 million achieved in 2023.

Finance income and finance costs amounted to €65,480 and €190,274 respectively. The group also reported a gross profit of €2.77 million for 2024, a substantial 720.6 per cent increase from the €337,968 recorded the previous year.

Total assets stood at €94.7 million, an increase from the €73 million posted in 2023.

The Directors of Juel Group plc did not recommend the payment of a dividend.