Government-controlled real estate investment company Malita Investments plc recorded an operating profit of €8,107,943 in 2021, according to its annual report.

However, during the year a significant decline in the value of its investment property – of €27,842,225 – meant it recorded a significant loss before tax of €20,619,524.

This decline was led by a decrease in the value of the company’s flagship buildings, Malta International Airport (MIA) and Valletta Cruise Port (VCP), which it leases to the respective owners.

These properties were valued in 2021 at a total of €84,847,000, down from €102,681,000 the year before, while the value of Malita’s other assets – the Parliament Building and the Open Air Theatre, also declined in value, by just over €10 million to hit €115,299,165.

Malita is a publicly-listed company, engaged mainly in the acquisition, development and management of immovable property, the leveraging of subsequent revenue streams, and the reinvestment of undistributed profits in strategic real estate projects and commercial opportunities.

Aside from the aforementioned properties, the company is also responsible for the Valletta City Gate and has been charged with the development of new affordable housing projects, having identified a shortage in affordable housing on Malta’s property market.

For this project, it has acquired land from the Government to develop around 684 apartments, and a number of garages and parking spaces.

According to its annual report, it expects the construction and finishing phases of the project to be completed by 2025, with it thereafter required to operate the new facilities for a period of 25 years.

In terms of operating costs, the company incurred some €476,200 worth of expenses, including directors’ emoluments of €89,962 and employee benefit expenses of €259,856.