The Mall of Engomi (ME) Plc this week reported a sharp increase in profit after tax for the first half of 2025 while confirming that no significant changes are expected in its operations, financial position or performance in the near future.

According to a filing to the Cyprus Stock Exchange (CSE), the company’s board of directors presented its management report and unaudited financial statements for the six months ended June 30, 2025, to its members.

The principal activity of the company remains unchanged from last year, which is the granting of rights of use of space at its property, the shopping centre known as The Mall of Engomi, for retail and commercial purposes.

Revenue for the period was €2,215,848 compared to €1,921,790 for the same period in 2024.

The operating profit of the company for the six months was €1,136,059 compared with €1,013,126 a year earlier.

Included in operating profit was a fair value loss on investment property amounting to €296,618, a significant increase from the loss of €88,908 recorded for the same period in 2024.

Profit after tax for the period reached €633,108, up substantially from €170,496 for the first half of 2024.

As of June 30, 2025, the company’s total assets stood at €45,755,889 compared with €45,340,085 as of December 31, 2024.

Its net assets increased to €22,630,835 from €21,997,727 at the end of 2024.

The board of directors said the financial position, development and performance of the company as presented in the financial statements are considered satisfactory.

The board said it does not expect any significant changes in the operations, financial position or performance of the company in the foreseeable future.

Moreover, the company said its objectives in managing capital are to safeguard its ability to continue as a going concern in order to provide returns for shareholders and to maintain an optimal capital structure to reduce the cost of capital.

It added that in order to maintain or adjust the capital structure, it may adjust the amount of dividends paid to shareholders, return capital to shareholders or issue new shares.

The company also said that it is monitoring capital on the basis of the gearing ratio, which is calculated as net debt divided by total capital.

Net debt is calculated as total borrowings minus cash and cash equivalents, while total capital is calculated as equity as shown in the statement of financial position plus net debt.

As at June 30, 2025, the company’s net debt amounted to €18,906,401 compared with €19,570,325 as at December 31, 2024.

Its total equity was €22,630,835, up from €21,997,727 at the end of 2024, leading to a gearing ratio of 45.52 per cent compared with 47.08 per cent as at December 31, 2024.

The company said its results for the six months are set out on page 6 of the financial statements.

Finally, the board of directors did not recommend the payment of a dividend.