Labour ended 2024 almost €1.1m in the red
Party's audited accounts show big swing from €400,000 surplus to deficit
Updated Friday 9am
The Labour Party swung from a profit to a seven-figure loss last year, ending 2024 with a deficit of almost €1.1 million compared to a €400,290 surplus the year before.
The party presented is audited accounts for 2024 to the Electoral Commission on Thursday showing it had recorded a deficit of €1,098,777 for the year ended December 31, 2024 after it had recorded a surplus of €400,290 the previous year.
That swing was in large part due to the 2024 MEP and local council elections campaign, which cost the party almost €1.6 million, or more than half its total €3 million expenditure.
The financial report was audited by Grant Thornton and was endorsed by PL delegates at the annual general conference held last month.
Presenting the accounts, PL president Alex Sciberras said the party is showing that it takes its responsibilities seriously and is always adhering to transparency and accountability obligations.
“The Labour Party has adhered to its legal obligations under the law on the financing of political parties, each year presenting the audited accounts on time, as the political parties in Malta are obliged to do,” the PL said in a statement, in a direct dig against the Nationalist Party which is yet to publish its audited accounts for the past few years.
Following his election as party leader, Alex Borg had pledged he would publish the party’s accounts within the first 100 days.