Main Street Complex plc, the company behind a Paola shopping mall, registered pre-tax profits of €224,000 for the financial year ending December 2020, representing a drop of 43 per cent when compared to the previous year.

In its financial statements, the company’s chairman, Joseph A. Gasan, remarked that he was proud of the Board and management team for stepping up “to this challenge in mitigating the impact of COVID-19” on its concessionaires while safeguarding the interests of its stakeholders.

Mr Gasan described how the first two months of the year started on “an upbeat note”, with footfall for this period increasing by four per cent over 2019. Reports of a better-than-usual January and February 2020 have been shared anecdotally by many retail and catering establishments in Malta.

Main Street Complex, from the onset of the pandemic, supported its concessionaires by waiving fees during the periods of Government imposed closure, and discounting fees following the reopening of shops within the mall.

“In this regard, I am pleased to note that our concessionaires appreciated the manner and fairness with which the company extended its support, and indeed continues to do so. Additionally, our management team worked hard to reduce operating costs, while ensuring the safety of our concessionaires and customers,” said Mr Gasan.

EBITDA, a common method used to evaluate a company’s operating performance, stood at €327,447 for 2020, and was described as “positive”, while good management in the debt collection aspect led to the company meeting all trade and privileged creditors in a timely manner, it was reported.

The cash balance of €255,228 as at 31st December 2020 quoted after the payment of the final dividend of €159,836 for 2019 remained at par with the closing cash balance of the previous year. The company’s balance sheet remains strong, the Director report reads, with the total equity amounting to €11,669467 financing 88 per cent of the company’s total assets of €13,261,923.

A final dividend for 2020 is not being recommended, while the outlook for 2021, due to the most recent round of restrictions and enduring pandemic-related uncertainty, remains cautious.

The company’s concessionaires, along with all retail businesses on the island, will be reopening their doors to customers on Monday after almost two months shut.