Tigne’ Mall plc approved the audited financial statements for the financial year ended December 31, 2020. The Annual General Meeting shall be held on June 15, 2021.

Statement of profit or loss

Revenue

2019	2020	% Change
€7 million	€5.4 million	-22%

Profit before tax

2019	2020	% Change
€3.6 million	€2.2 million	-40%

Operating profit

2019	2020	% Change
€4.4 million	€2.9 million	-34%

Earnings per share

2019	2020	% Change
4.51 Euro cents	2.35 Euro cents	-48%

Statement of financial position

Total assets

2019	2020	% Change
€84.4 million	€83.6 million	-0.9%

Total liabilities 

2019	2020	% Change
€36.8 million	€34.6 million	-6%

Dividends

In view of the prevailing economic circumstances, a key priority of the company has been the conservation of cash reserves. Consequent to this, the directors resolved not to recommend any dividend payments in respect of the 2020 financial results. Notwithstanding this, the recommencement of dividend payments remains one of the board’s priorities.

Outlook

The company’s vision remains unchanged, namely that of being the best owner-manager of retail property in Malta. It therefore continues to embrace a business strategy based on providing a compelling retail destination., developing and maintaining strong relationships with tenants, housing an iconic mix of brands, delivering long term, sustainable growth in net rental income and generating returns for shareholders. The directors have considered the company’s operational performance, the statement of financial position as at year-end as well as the business plans for the coming year. and they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

Click here to download the full financial statement.