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Trident Park Project Generating €1.3 Million Operating Profit

Trident Park Project Generating €1.3 Million Operating Profit
by
May 20, 2023
in Finance News, NEWS Malta
266

Trident Estates, the property investment company, reported a €1.3 million operating profit last year as tenants began to move into the newly developed Trident Park located at the former Farsons brewery in Mrieħel. While the company declared a pre-tax profit of €7.5 million, a significant portion of that came from a fair value gain of €6.7 million on its Trident House property in Qormi.

Revenues for the fiscal year ending on January 31 reached €2.3 million, representing an increase from the previous year’s €1.1 million.

Directors decided against paying dividends to shareholders this year, citing the need to prioritize the completion of the Trident Park project and the buildup of rental income.

Established in 2000 as a spin-off from Simonds Farsons Cisk plc, Trident Estates operates as a property investment company. Its portfolio includes the Farsons brewery complex (Trident Park), Trident House, and properties such as Sliema’s il-Fortizza, the current Pizza Hut building in Sliema, and Gzira’s former KFC site.

Despite the declining demand for office space, Trident Estates expressed optimism regarding the interest and occupancy at Trident Park. The current occupancy stands at 63%, and the company mentioned that several other tenancy contracts are close to being finalized.

Trident Estates acknowledged the additional strain caused by rising interest rates on its balance sheet, as the Trident Park project was financed through bank loans. Finance costs for the year amounted to €530,000, compared to €182,000 in the previous year. The company is currently in discussions with its bankers concerning this matter and cautioned that higher interest rates could impact 2024 earnings.

Louis Farrugia, Chairman of Trident Estates, expressed satisfaction with the completion of the Trident Park project. He emphasized that the project should be viewed as a long-term capital investment with significant potential for appreciation. Farrugia added that the company had made a promising start by attracting prestigious tenants and intended to build on this momentum.

Charles Xuereb, CEO of Trident Estates, highlighted the diverse range of businesses and institutions that expressed demand for commercial space at Trident Park. He also mentioned the company’s focus on finalizing the project’s conference facility, including the restoration of the original Farsons boardroom.

Moving forward, Trident Estates plans to concentrate on operating the Trident Park property in 2024. The board of directors will conduct a strategic review encompassing the next phases of the Trident Estates PLC business plan. This review will also explore options for the future of Trident House, which currently houses Quintano Foods Limited and Food Chain Limited (Farsons Group). The premises will be vacated by the company in 2026.

Trident Estates Plc has scheduled its Annual General Meeting for June 16, 2023, to be held at the Trident Park Conference Hall.

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