VBL Group has posted strong results for the first half of 2024, with Malta’s strong tourism arrivals giving a boost of its hospitality segment and driving a 16 per cent increase in revenue, which stood at €1.7 million for the period.

Operational EBITDA stood at €310,794, up 63 per cent from the first six months of 2023. This represents an operational EBITDA margin of 18 per cent – up by five percentage points over the previous year.

The group noted that the EBITDA figures for last year reflect a proportion of investment income, while the current year’s figure indicate a normalised operational environment and general market conditions.

“The actual reported results, therefore, derive from operations only and are considered to represent the real operation potential of the business.”

It added that it does not recognise investment income arising from revaluation of properties in its interim results, which is only included in its full year results.

Looking forward, VBL Group stated that its main investment and renovation projects are expected to be executed as per its development schedule, with earlier reported interim delays considered largely resolved.

It acknowledged that external market conditions remain a major driving factor behind the company’s operational performance, and that while current projections remain supported by strong global tourism trends, the outlook for the rest of 2024 is uncertain, mainly due to the continued global struggle against inflation, the war in Ukraine and tension in the Middle East.

VBL Group is involved in the property ownership and full process of real estate acquisitions, integrated real estate development, property management, operations, utilisation and disposal of properties, with the main market of operation being Valletta. Since it was established over 10 years ago, VBL Group has become one of the largest and most active investors in immovable property in Valletta.