Valletta-focused real estate group VBL plc has published its audited financial results for the year ending 31st December 2024, confirming robust growth in revenues and profitability.

The group registered consolidated revenues of €4.07 million in 2024, a 25 per cent increase compared to €3.25 million in 2023. EBITDA stood at €3.72 million, up from €2.57 million the previous year, marking a 45 per cent increase. The company attributed this performance to the continued delivery of its strategic regeneration plans and favourable market conditions.

Operational EBITDA, which excludes the impact of property revaluations, reached €1.16 million in 2024, more than double the €0.53 million recorded in 2023. Net profit after tax also rose to €2.48 million, up from €1.70 million in the previous year. These improvements follow consistent increases since the company’s initial public offering (IPO).

VBL also reported an increase in investment income, primarily reflecting gains in the value of its property portfolio through development and market revaluation. Investment income reached €2.56 million in 2024, an improvement from €2.04 million in 2023, and €1.54 million higher than the company’s earlier projections.

The Group noted that these valuation gains were largely driven by independent asset revaluations linked to its ongoing renovation and development projects. Management indicated that while such revaluation-based income can fluctuate year-on-year, the long-term trajectory remains aligned with the company’s growth objectives.

According to VBL, approximately 70 per cent of its owned portfolio is still under renovation or being prepared for regeneration. The completion of its Silver Horse Block (Phase 2) development, expected in 2026, is anticipated to significantly expand the revenue-generating portion of its assets.

The company also highlighted its growing diversification in asset types and services, which has helped stabilise and broaden its income streams. VBL manages a mix of owned and third-party assets, all within the Valletta area, positioning itself as a specialist in high-end property regeneration with a heritage focus.

Total assets rose to €95.38 million in 2024, compared to €55.2 million in 2020, the year prior to its IPO. Earnings per share (EPS) increased from €0.0068 in 2023 to €0.0100 in 2024, representing a 47 per cent improvement.

On the dividend front, VBL confirmed that it has maintained consistent dividend payments since its IPO. Dividends paid have increased year-on-year, with €160,000 distributed in 2021, €180,000 in 2022, and €200,000 in 2023. The company stated that dividends for 2024 will be proposed at the upcoming Annual General Meeting.

Looking ahead, VBL reiterated its commitment to executing its declared development pipeline, stating that the timeline for major project completions remains on track. The group also confirmed that existing financial facilities, including bank loans and bond financing, are sufficient for ongoing project requirements.