St Anthony Co. plc, the parent company of Goldvest Company Limited and St George’s Care Ltd, has reported a pre-tax profit of €1,058,234 for the financial year ending 31st December 2024. This marks a sharp turnaround from the pre-tax loss of €766,965 registered in the previous year.

The group, which operates senior citizens' homes under the names The Imperial in Sliema and Casa Antonia in Balzan, saw its net assets rise from €20.5 million in 2023 to €25.8 million by the end of 2024. This increase was attributed to the profit generated during the year as well as an upward revaluation of assets.

group turnover surged by over 28 per cent, rising from €10.9 million to €14 million. Gross profit margin also improved significantly, climbing from 25 per cent to 32 per cent. Operating profit nearly doubled, moving from €1.4 million in 2023 to €2.9 million in 2024.

The results were said to be in line with projections shared in the company’s financial analysis summary released in June 2024.

While no dividend was recommended by the Directors, the focus for the year ahead remains on maintaining current occupancy levels at its care facilities and ensuring sufficient revenue generation to cover operational expenses. The company also aims to continue building up its cash reserves to meet upcoming financial commitments.

In a statement accompanying the financials, the Directors confirmed that the group has assessed its ability to continue as a going concern. Taking into account its current financial position, funding arrangements, and performance outlook, the Board expressed confidence in the group’s ability to operate sustainably over the foreseeable future.

Goldvest Company Limited owns the two properties from which the care services are operated, while St George’s Care Ltd is responsible for the management and operations of the homes. The parent company also provides financing to Goldvest in the form of redeemable preference shares.