Yesterday, the Nationalist Party submitted its accounts to the Electoral Office. You can find the accounts for 2024 here. Before paying debts (impairments) the Nationalist Party has declared an operating profit of €295,226, with the operating profit for 2023 coming at €1,496,956. PN paid up to €1 million in impairments and debts in 2024 and up to €683,803 in 2023.
Overall deficit for 2024 was €737,733 and recorded a final net profit for 2023 of €863,517.
In 2024, the year of the European Parliamentary elections, the Nationalist Party made significantly higher revenues from memberships and donations. It made slightly less revenues on other income and rental income, probably due to downsizing and sale of assets such as clubs and businesses. Staff costs increased to €419,583 for 2024 from €361455. Administrative costs and costs for activities also increased substantially. Total expenditure from 2023 to 2024 increased from €1.47 million to €1.8 million while revenues decreased €2.9 million to €2.1 million with revenue bumped up in 2023 due to property sales.
The new PN Leader Alex Borg pledged to halt the sale of properties and aims to commercialise them further instead.
PN registered a slight decrease in its liabilities but it’s debt has increased again in 2024. At the end of 2022 it registered up to €11.5 million in liabilities at the end of 2022 and brought this down to €11.3 million in 2023, but the debt increased by up to €11.7 million at the end of 2024.
Total assets were registered at €16.2 million with up to €14.4 million of these assets in property. At face value, the valuations of the Nationalist Party seem to be more honest that the Labour Party’s mysterious mega-valuation of €11 million in non-cash and non-property assets. On the other hand, the Labour Party is accusing PN of hiding the true extent of its debt with Labour alleging that PN’s debt is up to €32.5 million.
The Nationalist Party also submitted its donation reports. Just like the Labour Party, the Nationalist Party is committing fraud by breaking up its big donations and including them in its small donations. Franco Debono, the author of the party financing law says that PN and Labour are not compliant with the political party financing law.
I am pretty sure that both political parties are trying to present a rosier picture than reality, but the accounts seem similar and therefore consistent with a shared reality. The Labour Party also registered up to €1.44 million in donations in 2024 and both parties seem to have a similar propensity to raise funds. The Nationalist Party is actually making slightly more than Labour in income with Labour’s income in 2024 coming at €1.95 million.
The Nationalist has a grueling task to cut down on its debt, but from on objective commercial perspective its situation is neither impossible nor existential. It needs to do a lot of business if it doesn’t want to sell its assets and collect more donations. Its drive to collect funds can severely compromise the PN’s political mission. Alex Borg has, so far, shown that he can take positions that do not align with his big donors but he will have many other opportunities to show his mettle.
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