Trident Estates plc registered €265,000 in pre-tax profit in the first six months of 2022, representing a staggering 919 per cent increase from the same period last year, it shared on Thursday.
Trident Estates owns and manages property for rental and investment purposes, with its primary focus at this time being the marketing, leasing, and operation of the Trident Park project, while also managing the sub-projects that have arisen within it.
This sharp increase was primarily a result of a significant rise in revenue to €885,000 from the corresponding period’s €544,000. This was mainly generated from new rental contracts of its Trident Park project, which commenced during the period, amounting to €285,000.
Similarly, the company’s direct costs also increased by 392 per cent to €187,000 due to the partial commencement of the Trident Park property operation. Administrative costs remained relatively stable at €360,000.
Total assets expanded to €89.8 million from the previous period’s €84.3 million. The company’s Board of Directors did not propose the payment of an interim dividend at this point in time, and “the extent of a final dividend distribution, if any, shall be determined on the basis of the full year results”.
Shortly after the financial year ending 31st January 2022, management gradually started to commission different aspects of the Trident Park operations, and while civil work elements have been completed, the mechanical, electrical, plumbing and finishing works, as well as the raised floor and landscaping “continue to progress towards completion”, the company said in its Interim Directors’ Report. The remaining works are now largely sectioned off into sub-projects, primarily limited to areas which will be occupied by tenants and the works related to the renovation of Trident Park’s conference facility, reception, and old boardroom.
Trident Estates added that the COVID-19 pandemic, the FATF grey listing, and the war in Ukraine all had “far-reaching consequences on both the country’s economic environment, as well as the project’s rate of progression”, with it being hindered due to “labour shortages and long lead-times”. Despite the delays, Trident Park is “now operational and the level of interest being shown in the property continues to increase at an encouraging rate,” the company added.
As at the end of the first half of 2022, Trident Estates drew down on available bank facilities to fund capital works, leading to total loan facilities amounting to €28.5 million, from which €23.3 million had been availed of as at that date.
The company added that the worldwide events also had an effect on businesses’ willingness to sign up to new leases and take on the “significant expenditure” required to relocate their premises. This was coupled with the local market experiencing an increased supply of leasable office spaces and a move towards work-from-home arrangements across a number of industries.
“The Trident Park property is of the highest standard, boasting open green spaces abounding with natural air and light with tenants enjoying the prestige that the property brings to their brand as well as the amenities that are available for their employees on site. First-time visitors are also being attracted to the property and admiring the architectural features that are present throughout, whilst making use of the parking and visiting the food and beverage outlets on the property and of the adjacent Brewhouse,” Trident Estates explained.
Trident Estates plc, which forms part of Farsons Group, is comprised of four subsidiaries, namely Trident Park Limited, Neptune Properties Limited, Mensija Catering Company Limited, and Sliema Fort Company Limited. Apart from its Trident Park project, the company also has the Trident House project, which will be implemented in the medium term.
