Tigné Mall plc - Interim Results
On 4 August 2022, Tigné Mall plc published its interim results covering the six-month period ended 30 June 2022.
Revenues increased markedly to €3.84 million (H1 2021: €2.63 million) reflecting the absence of any pandemic-related lockdowns, the return to normal business conditions, as well as the higher contribution from the car park. Moreover, the level of income generated by the company in H1 2022 was 15.6% superior to the amount of revenues of €3.32 million recorded in the first six months of 2019.
On the expenditure side, total operating costs amounted to €1.48 million, thus leading to an operating profit of €2.36 million compared to €2.03 million recorded in H1 2019. Excluding depreciation and amortisation charges, EBITDA amounted to €3.38 million (H1 2019: €2.91 million) which, in turn, translated into an EBITDA margin of 88.1% (H1 2019: 87.8%).
After accounting for net finance costs of €0.23 million and a tax charge of €0.53 million, Tigné Mall posted a net profit of €1.6 million compared to €1.19 million in H1 2019.
The Statement of Financial Position shows that, when compared to the position as at the end of 2021, total assets increased by 0.2% to €91.4 million whilst total liabilities contracted by 4% to €33 million. As a result, the company’s equity base expanded by 2.8% to €58.4 million which, in turn, translates into a net asset value per share of €1.0346.
Dividend
The Directors declared a net interim dividend of €0.0133 per share. This is the highest level of dividend declared by the company at the interim stage, which also translates into a payout ratio of 46.9%. The dividend is payable on 2 September 2022 to all shareholders as at close of trading on 17 August 2022.
Outlook
Commenting on the results, the Directors explained that despite the prevailing economic challenges, Tigné Mall retains a robust financial position and looks forward to considering any growth opportunities as they may arise, support its tenants, and also deliver long-term growth for shareholders.