Trident Estates plc has posted record interim revenues and a sharp rise in pre-tax profit for the six months to 31st July 2026, with surging occupancy at its Trident Park development in Malta doing most of the heavy lifting.

Revenue for the period reached €2.99 million, up 6.1 per cent from €2.82 million a year earlier, the highest figure the Maltese property group has recorded at the halfway stage. The key driver was a meaningful jump in occupancy at Trident Park, which climbed to 92 per cent from 86 per cent in the prior period, leaving just two floors still to fill.

The profit picture was stronger still. According to analysis by Rizzo Farrugia, operating profit grew 7.7 per cent to €1.89 million, while finance costs fell 21 per cent to €0.53 million. The drop in borrowing costs reflected better bank facility terms and the offsetting effect of deposits received under the promise of sale agreement for Trident House in Marsa. Together, those gains pushed pre-tax profit up by around 25 per cent to €1.41 million, compared with €1.13 million in the same period last year. After a tax charge of €0.55 million, of which €0.43 million is a technical deferred tax item, net profit came in at €0.86 million against €0.71 million previously.

Total assets at 31st July 2026 stood at €117.8 million, roughly €1 million higher than at the end of January 2026. Total equity held broadly steady at €71.1 million, translating into a net asset value per share of €1.693.

The board flagged Trident Park as the group’s principal earnings engine and said management is continuing to field enquiries for the remaining vacant floors. Directors also acknowledged the risks that Malta’s office oversupply could pose when tenant leases come up for renewal.

On Trident House, the final deed of sale is expected to be signed by the end of May 2028, with the current tenant anticipated to vacate later this year. Management is weighing up interim uses for the asset in the meantime.

Elsewhere in the portfolio, restoration work at the Sliema Point Battery got under way in September 2026, and the company is assessing bids for the Fortizza ahead of its current lease expiring, with a decision expected within months. A separate building in Wilga Street, Paceville was evacuated by authorities in August after an architect declared its structural integrity too compromised for safe habitation. Discussions with co-owners and the relevant authorities are continuing.