Malta Properties Company p.l.c.’s (MPC) solid financial performance during 2016 has been reviewed during the Company’s second Annual General Meeting. During the year under review, MPC’s profit before tax increased by €2.03 million over 2015 to reach €3.45 million.

The meeting was addressed by the Company’s Chairman, Mr Deepak S. Padmanabhan, Chief Executive Officer, Mr Nikhil P. Patil and Chief Financial Officer, Ms Daniela Zammit. Mr Padmanabhan said, “I am pleased to report that 2016, our first full financial year of trading as a distinct entity with publicly traded shares, has been a steady one of preparatory work and progress. MPC, in fact, delivered promising results. More importantly for such a young organisation, we are already starting to see the benefits of being an independent organisation. Diligence in operations and cost structures, having a clear vision, much faster decision making, and more focused effort are already delivering results. The property sector remains very clearly a dynamic one, which offers good long term growth and value-building opportunities for those with the necessary resources, know-how and competences.”

Mr Patil presented shareholders with a review of the Company’s operations, focusing on the works being undertaken at a number of sites owned by MPC. These include the redevelopment of the former Zejtun Exchange into a state-of-the-art technical and data centre for GO plc and its subsidiary BMIT, and the site of the former GO call centre in Floriana, which is being developed into a modern office complex and should start welcoming its first tenants during 2017.

Mr Patil, said, “MPC’s ambition is to become Malta’s premier provider of commercial real estate. 2016 was a year of significant progress in fulfilling this ambition. There is much work still to be done but I am confident that we have the right vision, backed by the necessary resources, to deliver more and greater success in the years to come.”

In reviewing MPC’s financial performance, Ms Zammit highlighted an increase in rental income of 2 per cent to €3.24 million. Revenues are expected to continue increasing gradually in line with inflation while the long term leases in place on various properties secure the Group’s revenues at these levels for the foreseeable future.

During 2016, MPC’s property portfolio value increased by 5 per cent and reached €56.5 million by year end as a result of the commencement of development on a number of the Company’s sites. MPC’s borrowings remained at the same level as 2015 and the Company maintained a low gearing ratio throughout the year.

During the meeting, an election for two Director posts was also held and Mr Paul S. Testaferrata Moroni Viani and Dr Cory Greenland were duly elected to the Board.