Plaza Centres plc approved the consolidated financial statements for the year ended December 31, 2020. The board has also scheduled the Annual General Meeting to take place on June 23, 2021.

Statement of profit or loss

Revenue

2019	2020	% Change
€3.6 million	€2.8 million	-22.4%

Profit before tax

2019	2020	% Change
€1.9 million	€0.8 million	-59.2%

Operating profit

2019	2020	% Change
€2.3 million	€1.3 million	-45.6%

Earnings per share

2019	2020	% Change
4c81	1c68	-65.1%

Statement of financial position

Total assets

2019	2020	% Change
€48.8 million	€38.9 million	-20.4%

Total liabilities 

2019	2020	% Change
€17.4 million	€12.2 million	-29.7%

Dividends

The directors have resolved to declare an additional net dividend to shareholders of €400,000 and accordingly, taking into account the interim dividend of €1,000,000, already declared and paid, to recommend as a final net dividend to shareholders of €1,400,000 at the Annual General Meeting. This is scheduled to be held on June 23, 2021.

The cut-off date for eligibility to dividends shall be May 24, 2021 and that accordingly only shareholders on the register of members on that date shall be eligible to receive the dividend once approved by the shareholders at the Annual General Meeting.

 

Outlook

The board is cautiously optimistic that as the vaccine roll out programme gathers momentum, the hardest hit sectors by the pandemic will start to recover. However, the return to pre-COVID-19 normality will, to a large extent, depend on a successful vaccination across the country as well as abroad. The Maltese economy is very dependent on a strong return in tourism. A global successful vaccination should lead to a gradual lifting of the various restricting measures introduced to contain the pandemic. Once these measures are lifted, economic sentiment and consumer confidence should improve, which are crucial for the country to generate sustainable economic growth.

The board is cognizant that the operating models adopted by a number of companies to face the challenges brought about by the pandemic could become part of the new normal. This means that the commercial leasing market could go through a period of realignment to the new paradigm. The board still believe that 2021 will continue to pose important challenges. Therefore, the board continues to adopt a prudent approach whereby it maintains adequate financial muscle to implement the necessary mitigating measures as the situation evolves. The board remains confident that with the Group’s strong financial fundamentals together with its prudent and timely measures, it can continue to withstand these unprecedented challenges and be in a position to continue creating value for its stakeholders.

Click here to download the full financial statement.