Maui Land & Pineapple Company, Inc. reported a net loss of $7.4 million for the fiscal year ending December 31, 2024, compared to a net loss of $3.1 million in the previous year. The company's total operating revenues increased to $11.6 million from $9.3 million in 2023, driven primarily by a rise in leasing revenues, which accounted for approximately 83% of total revenues at $9.6 million, up from $8.5 million the previous year. The Land Development and Sales segment generated $520,000 in revenue, reflecting the sale of non-strategic real estate inventory, while the Resort Amenities segment saw revenues rise to $1.4 million from $828,000, attributed to an increase in membership at the Kapalua Club.
The company experienced significant changes in its financial performance, with total operating costs and expenses rising to $18.9 million from $14.3 million in 2023. This increase was largely due to higher share-based compensation expenses, which rose to $6.3 million from $2.8 million, and increased operational costs associated with leasing activities. The operating loss for the year was $7.4 million, compared to a loss of $5 million in the prior year. The company’s accumulated deficit also widened to $61 million from $53.6 million.
Strategically, Maui Land & Pineapple has focused on enhancing its land development and leasing operations. The company has initiated several land development projects, including the Kapalua Resort, and has entered into a joint venture with Stone Properties to develop ranch lots in Hali‘imaile. The company has also made efforts to improve occupancy rates in its commercial properties, increasing from 72% to 86% over the year. As of December 31, 2024, the company employed 15 full-time staff, maintaining a lean operational structure.
Looking ahead, Maui Land & Pineapple anticipates continued growth in its leasing revenues as tourism recovers from the impacts of the August 2023 wildfires. The company expects that percentage rents will return to pre-wildfire levels by 2025-2026, bolstered by an increase in visitor traffic. The company has also outlined plans for capital expenditures of approximately $6 million in 2025 to support ongoing land development projects and infrastructure improvements. However, the company remains cautious about potential risks, including economic instability and the cyclical nature of the real estate market, which could impact its financial performance.
About MAUI LAND & PINEAPPLE CO INC
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