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Maui Land & Pineapple Company Inc. (MLP-2.26%) has submitted its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's operations across its three business segments: Land Development & Sales, Leasing, and Resort Amenities. The company owns approximately 22,300 acres of land and 247,000 square feet of commercial property on Maui, Hawaii.
Operating revenues for the year totaled $11.6 million, with $9.6 million generated from the Leasing segment, $1.4 million from Resort Amenities, and $520,000 from Land Development & Sales.
The Leasing segment includes revenue from commercial, industrial, and agricultural leases, as well as licensing fees and water system sales. The segment's operating income was $4.6 million.
The Resort Amenities segment operates the Kapalua Club, offering members access to amenities at the Kapalua Resort. This segment reported a slight operating loss of $53,000.
The Land Development & Sales segment focuses on land planning, entitlement, development, and sales activities. The segment reported an operating loss of $584,000.
The company reported a net loss of $7.4 million for the year, compared to a net loss of $3.1 million in the previous year. The increase in loss was partly due to higher share-based compensation expenses and pension and post-retirement expenses.
Cash and cash equivalents at the end of the year were $6.8 million, with an additional $2.7 million in investments. The company also had $12.0 million available under its revolving credit facility.
Maui Land & Pineapple Company continues to focus on its strategic plan to activate its assets into productive use, with ongoing land development projects and leasing activities aimed at increasing revenue.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Maui Land & Pineapple Company Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.