Tigné Mall reports strong performance and continued growth in 2023

Tigné Mall plc has registered another positive financial year in 2023. Building upon the momentum of the previous year, the company has achieved solid results driven by sustained consumer demand and strategic initiatives.

Financial highlights

Revenues for 2023 reached €8.5 million, marking an increase of four per cent compared to the previous year. Operating profits increased to €5.4 million from €5.2 million in 2022, and finance costs decreased to €0.4 million. The company generated €7 million by way of cash flows from operating activities. These were mainly directed towards the repayment of bank borrowings, payment of dividend, ongoing capital expenditure and the servicing of working capital requirements. Profits after tax saw a significant uptick, reaching €3.9 million, an increase of 4.7 per cent when compared to 2022.

Tenant additions and enhancements

Tigné Mall plc continued its strategic approach to tenant management by welcoming new additions to The Point Shopping Mall. Notable among these is the arrival of Homemate, a leading home-improvement retailer, further diversifying the mall’s offerings and enhancing its appeal to discerning shoppers. Additionally, existing tenants have undertaken extensive refurbishments and expansions, contributing to an elevated shopping experience and bolstering foot traffic within the mall.

Commitment to sustainability and corporate responsibility

Tigné Mall plc remains steadfast in its commitment to environmental, social, and corporate governance (ESG) principles. The company has intensified its efforts to reduce its environmental footprint through the implementation of energy-efficient practices and sustainable initiatives across its operations.

Furthermore, Tigné Mall plc actively engages with stakeholders to address social and community needs, fostering positive relationships and driving inclusive growth within the communities it serves.

Dividend payouts and shareholder value

In line with its commitment to shareholder value, Tigné Mall plc has announced dividend payouts reflecting the positive financial performance achieved. Shareholders received two dividend payments of €765,000 each during 2023. Subsequent to the end of the reporting period, the directors are recommending for shareholders’ approval at the upcoming AGM, a payment of a final net dividend of €815,000 in relation to the 2023 financial results.

Looking Ahead

With a steadfast commitment to excellence and a focus on innovation, Tigné Mall plc management believe the company is poised for continued growth and success in the years to come. They stress that the company remains dedicated to maintaining The Point’s standing as Malta’s premier shopping destination, offering unparalleled experiences to visitors while driving sustainable value for shareholders and other stakeholders alike.

Conclusion

Commenting on the results achieved, Tigné Mall plc Chairperson Joseph Zammit Tabona, stated that, “the company’s performance in 2023 underscores its resilience, adaptability, and strategic vision. As it navigates evolving market dynamics and embraces sustainability, the company stands as a beacon of success in Malta’s retail landscape, embodying its commitment to excellence and customer satisfaction”.