Luxury Living Technologies registered a €1.1 million operating profit in its end-of-year results, a marked improvement over the operating loss of €38,000 recorded a year prior. The improvement comes on the back of a 40 per cent improvement in its revenue, principally due to the sale of a photovoltaic panel solar farm.

While it nonetheless registered a pre-tax loss of €139,000, it remains a far cry from the loss of €1.25 million seen for the year ended 30th June 2023.

The group, whose finance arm Luxury Living Finance plc is listed on the Malta Stock Exchange’s Prospects MTF, is a diversified entity primarily providing eco and renewable energy solutions, specialising in installations of photovoltaic units in a variety of domestic, industrial and agricultural locations.

It also trades and retails water softening and purifying systems, solar panels and solar powered devices, as well as smoothies, wines and spirits.

The group also operates a hostel in St Julian’s.

Luxury Living Technologies registered growth in most of its business segments, seeing revenue from sale of PV equipment rise 89 per cent to €1.36 million, revenue from feed-in tariffs increase by 9.6 per cent to €656,000, income from its boutique hotel rise by 7.1 per cent to €280,000, and income from other segments rise from nil to €14,000.

On the other hand, revenue from sale of goods declined marginally, by 0.7 per cent, to €269,000.

In its annual report, Executive Director Carlo Mifsud and Owner and Managing Director Jean Paul Busuttil said that the group continued to face challenges over the reporting period, “mainly due to the bureaucracy within local regulators which slowed down the group’s momentum in attaining its financial and non-financial targets.”

Indeed, the increased turnover of the group was principally due to the sale of a PV solar farm.

They added that although the licensing process for PV systems has been stabilised by the Regulator of Energy and Water Services (REWS) and the Ministry for Energy, it remains “a very complex and ambiguous one”.

Nonetheless, the group continued to submit more bids to tenders issued by the Ministry for the development of new solar farms, and “has been by far more successful,” winning over 27MW out of the 39MW available of solar farms which will be delivered over the next 24 months.

The directors shared that “this will amount in excess of €30 million investment for these solar farms.”

Looking at the other sectors of the group’s operation, Luxury Living Technologies said that it continues to tap into the export market by expanding its product base, entering into the import business of food and beverages and acquiring the agency of three large manufacturers and distributors of wines, spirits, liqueurs and syrups.

It is also growing its property portfolio within the hospitality division, saying that it is planning to operate five new properties over the next two years, some of which have already been acquired by a related company.

Over the coming year, Luxury Living Technologies anticipates a major uptick in revenues, from the €2.58 million recorded in 2024 to €5.16 million. The projections include income from feed-in tariffs from additional photovoltaic farms constructed during the year, as well as from its hospitality and manufacturing operations.

The group forecasts a return to profitability in the year ended 30th June 2025, projecting a profit before tax of €115,000.