During its AGM recently held on the 26th of July 2024 at the impressive Casino Maltese, in Valletta, VBL Plc. CEO, Dr. Andrei Imbroll, outlined the vision of the Company to the Shareholders of which ca. 90% were represented with focus on delivery of upcoming projects and its key deliverables. Dr. Imbroll explained how VBL is set on a clear path with eyes firmly set on the first half of 2026 when the current ongoing development cycle will be completed leading to significant revenue gains. “Year 2026 will be a game-changing year for the Group. VBL will transform its property bank from ca. 30% of its portfolio today being revenue generating to over 70% of the portfolio generating recurring income through the conversion and regeneration of multiple projects. The Group is projected to add recurring EBITDA in excess of €2m per annum, thus significantly increasing the economies of scale for the Group and its potential ability to increase dividend payments to our Shareholders.”
The AGM approved all proposed resolutions and re-appointed the existing sitting Directors for another year. While thanking the Directors for the service provided in the previous year, Group Chairman, Dr. Geza Szephalmi expressed confidence that both the Directors as well as the Executive Management, which was further strengthened during the past year would keep delivering remarkable results for both the Group and its Shareholders.
VBL Plc’s core activity and the most significant value driver for the Group is real estate acquisitions and renovations within Valletta. This accounts for most of the value growth in the Company’s accounts. The last audited accounts of VBL Group are reporting a continued progress in revenue growth and development, resulting in €2,0m Investment Income, together with an increase in book value of Investment Property amounting to €3,5m. The Group’s leverage remains very low at approx. 12.6% to total assets. Consolidated revenues reached €3,2m, which is a substantial increase of 40% on the previous year, with operational EBITDA of €532K, resulting in an increase of 106% to the previous period.
The Company is aiming to secure further financing for the next development cycle and renovation of VBL’s already owned assets allowing enhanced revenue generation. As part of this process, the Company is evaluating alternative financing options, including the possibility of increasing the current level of leverage by issuing new debt instruments, raising further capital or carrying out equity transactions.
The Shareholders approved the Director’s recommendation of distributing a dividend of two hundred thousand euro, representing an increase of 10% on previous year.