Jersey Development Company has posted a profit of £7.36 million for 2023.

The government-owned regeneration firm says the Horizon flats on the Waterfront, which was a joint project with French construction firm Group Legendre, generated £4.7 million of income tax.

JDC says it invested more than £1.5 million in public infrastructure last year, including extending Trenton Square at the Finance Centre.

At the end of last year the company had assets of £85 million, including the new IFC 6 office building, which is yet to be sold.

CEO Lee Henry, whose remuneration rose to £298,025 in 2023 said: “Jersey Development Company continues to positively deliver for the Island’s community, whether it be with the creation of new homes, state of the art office accommodation for the Island’s primary economic industry or high quality public open spaces.

"The performance of the Company reflects the hard work from a dedicated and experienced team and board as well as enduring partnerships with our design teams, main contractors and their associated sub-contractors.”

Looking ahead, Mr Henry says this year will see it prepare for the construction of 139 home at South Hill after the development was permitted on appeal.

JDC is also working on a revised application for the Waterfront, after plans for 1,000 homes were rejected.

Read: Half of future Waterfront homes must be affordable

Mr Henry says: "We are committed to carrying out extensive further engagement with the community as part of the detailed design process to ensure that the development aligns with the needs of islanders."

The annual report and accounts says JDC has paid £11.5m in dividends to the government since it was established in 2011, and invested £.4.5m in the public realm and £3.2m in social and community projects.

It has also invested more than £200m in the local construction industry.