“Exalco Finance plc posts €2.4 million profit in 2024…”

The financial performance of Exalco Properties Limited, the entity guaranteeing the €15 million bond issued by Exalco Finance plc, reveals a notable achievement of €2.4 million in profit after tax for the year ending December 31st, 2024. This represents positive growth compared to the €2.2 million profit recorded in the previous year. In addition to this, the company has demonstrated an improvement in its financial stability, with net assets increasing to €54.7 million from the €52.9 million reported in 2023. The revenue generated by the company during the year amounted to €5.6 million, a gain largely resulting from updated rental agreements that now align with current market valuations.

Exalco Properties’ operational activities encompass the ownership and management of six high-quality business centres located throughout Malta, including well-known establishments like the Phoenix Business Centre, the Marina Business Centre, and the Savoy Business Centre. Currently, the company is undertaking a redevelopment project at the Savoy Business Centre. The acquisition of the Savoy Hotel from Almo Properties Limited for €5.4 million was finalized through a deed of sale in the early part of 2023. This property, situated at the border of Sliema and Gżira, has unfortunately deteriorated due to a lengthy legal battle involving previous owners and prospective purchasers.

Despite the favorable financial outcomes for 2024, the company recognizes the continued operation within a period characterized by unprecedented conditions. As a result, the management team is maintaining a watchful stance on the swiftly changing economic landscape. The company has stated its dedication to carefully observe these trends and to implement all required actions to minimize any possible negative effects on its business operations.

FIMBank Sees Impressive 43% Surge in Pre-Tax Profits

FIMBank Group’s 2024 results showed a marginal net profit increase to €135,887 (USD 149,989), but a significant 43% surge in pre-tax profit to €7.5 million (USD 8.3 million), driven by operational improvements and strategic initiatives. A key achievement was maintaining a zero material NPL record for five years and a lower NPL ratio, reflecting effective risk management. Subsidiaries, including LFC and India Factoring, were strong performers. Reduced operating expenses offset a slight decrease in net interest income. FIMBank ended 2024 with robust capital and liquidity. Early 2025 saw strategic moves like a subordinated loan and increased investment in India Factoring, alongside digital and ESG advancements.

Central business centres see significant profit growth due to rental income

Central Business Centre plc (CBC), a finance, investment, and property-holding company, announced a significant jump in its financial performance for the year ending December 2024. Profit before tax soared to €6.64 million (from €53,769 in 2023), and after-tax profit reached €3.48 million (from €38,388). This improvement was supported by a €3.21 million net unrealised fair value movement on investment property, but also by a notable increase in rental income, which boosted profit before tax (excluding the fair value gain) to €390,742. CBC expanded its asset base with a new commercial property in Mrieħel and issued €3.25 million in notes.

While operating at near full capacity in Żebbug and Gudja, occupancy rates varied across its other locations. CBC anticipates no major changes in its operations for the coming year but acknowledges a liquidity risk related to upcoming financial obligations.

China retaliates against Trump tariffs, raising duties on US goods to 125%

Beijing retaliated against U.S. President Donald Trump’s increased tariffs on Chinese goods by raising its own duties on U.S. imports to 125% on Friday. This move escalates the trade war, which analysts fear could disrupt global supply chains.

The hike follows the White House’s decision to further increase tariffs specifically on China, while pausing similar duties for most other countries. China’s Finance Ministry condemned the U.S. action as a violation of international trade rules, economic principles, and common sense, labeling it unilateral bullying.

Malta Company Announcements:

Izola Bank plc

The Board of Directors of Izola Bank p.l.c. is scheduled to meet on Tuesday, 29 April 2025, to consider and if deemed fit approve the Bank’s Audited Financial Statements for the Financial Year ended 31 December 2024. 

Subsequently, the Board of Directors will also be presenting the following resolutions for consideration and approval by its Members at the Annual General Meeting, which is scheduled to be held on the same day.

Ordinary resolutions:

1. To receive and approve the Audited Financial Statements for the Financial Year ended 31 December 2024, together with the Report of the Directors and the Auditors’ Report thereon.

2. To approve the re-appointment of the external auditors, and to authorise the Board of Directors to fix their remuneration.

3. To determine that, since there are as many vacancies as there are nominations for Directors, no election will take place and the nominees are automatically appointed Directors.

4. To establish the maximum annual aggregate emoluments of the Directors for the Financial Year ending 31 December 2025.

Mariner Finance plc

The Board of Directors of Mariner Finance p.l.c. informed the general public that a board meeting is scheduled on the 25th April 2025 at 10:30 hours to consider, and if considered appropriate, approve the Company’s Consolidated Annual Financial Statements for the financial year ended 31st December 2024.

Multitude Bank plc

With reference to Capital Market Rule 5.16, Multitude Bank plc announces that its Board of Directors is scheduled to meet on the 16^th April 2025 to consider and if deemed appropriate approve its audited financial statmenets for the financial year ended 31^st December 2024.

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