Malita Investments, a property investment firm listed on the Malta Stock Exchange, has reported a 19 per cent increase in revenues and a 24 per cent increase in profits, largely driven by the delivery of hundreds of units of affordable housing and the investment of excess liquidity in risk-averse financial instruments.

In its first-ever quarterly results, for the first nine months of 2024, Malita Investments said the introduction of 240 units and 192 garages and car spaces across five housing sites contributed to a significant increase in revenue generated from the housing project of around 180 per cent.

The Maltese Government holds a majority shareholding of 79.75 per cent in Malita Investment plc, which operates on an independent and commercial basis to contribute towards long-term investment development in Malta.

The company’s principal activities include the financing, acquisition, development, management and operation of immovable property, in particular, projects of national and/or strategic importance.

Malita owns the sites of Malta International Airport (MIA) and Valletta Cruise Port (VCP), and holds a temporary emphyteusis over the Parliament Building and Pjazza Teatru Rjal.

It is also currently involved in a major housing project, developing around 700 apartments and almost 300 garages for the Government’s affordable housing stock.

For the nine months to 30th September 2024, rent due from MIA contributed 11 per cent to the Malita’s revenues, while VCP contributed seven per cent. City Gate, comprising the Parliament Building and Pjazza Teatru Rjal, made up the bulk of its revenues, at 57 per cent, while the housing project now generates 25 per cent of its turnover.

Malita Investments said the move to quarterly reporting marks “a significant step” in its commitment to transparency and proactive communication with stakeholders.

It said that, “going forward, the aim is to continue providing regular updates with consistent insights into performance and progress.”