Santumas Shareholdings plc – Full-Year Results
Following last week's article detailing the performance of the S&P 500 index in 2025, it is worth devoting time to review the developments across the European equity markers in my last article of the year.
Financial Performance
On 25 August 2026, Santumas Shareholdings plc published its Annual Report and Financial Statements for the financial year ended 30 April 2026.
Investment income surged by 61% to €1.21 million (FY2024/25: €0.75 million) as dividend income doubled to €0.91 million. Investment income also included a profit of €0.15 million on the capitalisation of ground rents.
The financial performance was also supported by fair value gains on financial assets of €0.52 million, which were however lower than the €0.78 million registered in the previous financial year. The Directors explained that some of the company’s larger shareholdings registered share price increases ahead of the 3.6% rise in the MSE Equity Price Index over the twelve months to 30 April 2026. Meanwhile, the company also recognised gains in fair value of investment properties of €0.13 million, compared to €0.23 million in the previous financial year.
On the expenditure side, administrative expenses increased by 12.9% to €0.18 million, mainly reflecting higher professional and legal fees.
Overall, profit before tax increased by 4.6% to €1.66 million compared to €1.59 million in the previous financial year. After accounting for a higher tax charge of €0.34 million (FY2024/25: €0.21 million), reflecting the lower level of investment gains not subject to tax, Santumas Shareholdings posted a net profit of €1.32 million (FY2024/25: €1.38 million).
The Statement of Financial Position as at 30 April 2026 shows that total assets increased by 9.1% (or €1.4 million) to €16.5 million. The asset base remained dominated by financial assets of €9.71 million (of which €6.85 million are equity securities, €1.90 million are managed funds, and €0.96 million are bonds) and by investment properties of €6.21 million, whilst cash and cash equivalents amounted to €0.26 million.
Total liabilities increased marginally to €0.99 million, largely composed of a deferred tax liability.
Total equity increased by 9.4% (or €1.34 million) to €15.5 million, which translates into a net asset value per share of €2.121 (30 April 2025: €1.938).
Update on investment properties
The Directors made reference to the collapse of a block of apartments bearing the name Tania Flats in St Julian’s which took place on 11 June 2025. This block included two units namely the properties at ground-floor and first-floor level which are owned by Santumas Shareholdings and form part of its wider investment property portfolio. Pending the conclusions of the relevant authorities, the Directors explained that they considered it prudent to retain the carrying value of these properties at €0.95 million.
Outlook
In their commentary, the Directors explained that the company’s growth and profitability remain determined by the strength of the local economy, which has maintained its rate of annual growth and, in turn, yielded good dividend returns from several of the major locally listed companies, particularly those in the financial sector. The Directors expect economic growth to be maintained in the coming year, albeit at a slower rate, giving reason for cautious optimism. They also noted that the company remains well capitalised with strong reserves, healthy cash holdings, and no material debt.
The article contains public information only and is published solely for informational purposes. It should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in this article. Rizzo, Farrugia & Co. (Stockbrokers) Ltd (“Rizzo Farrugia”) is under no obligation to update or keep current the information contained herein. Since the buying and selling of securities by any person is dependent on that person’s financial situation and an assessment of the suitability and appropriateness of the proposed transaction, no person should act upon any recommendation in this article without first obtaining investment advice. Rizzo Farrugia, its directors, the author of this article, other employees or clients may have or have had interests in the securities referred to herein and may at any time make purchases and/or sales in them as principal or agent. Furthermore, Rizzo Farrugia may have or have had a relationship with or may provide or has provided other services of a corporate nature to companies herein mentioned. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security mentioned in this article. Neither Rizzo Farrugia, nor any of its directors or employees accepts any liability for any loss or damage arising out of the use of all or any part of this article. Additional information can be made available upon request from Rizzo, Farrugia & Co. (Stockbrokers) Ltd., Airways House, Fourth Floor, High Street, Sliema SLM 1551. Telephone: +356 2258 3000; Email: info@rizzofarrugia.com; Website: www.rizzofarrugia.com © 2021 Rizzo, Farrugia & Co. (Stockbrokers) Ltd. All rights reserved. This article may not be reproduced or redistributed, in whole or in part, without the written permission of Rizzo Farrugia. Moreover, Rizzo Farrugia accepts no liability whatsoever for the actions of third parties in this respect.
This article was produced by Edward Rizzo, Director at Rizzo Farrugia, which is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange. The company’s registered address is at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.
The article contains public information only and is published solely for informational purposes. It should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in this article. Rizzo, Farrugia & Co. (Stockbrokers) Ltd (“Rizzo Farrugia”) is under no obligation to update or keep current the information contained herein. Since the buying and selling of securities by any person is dependent on that person’s financial situation and an assessment of the suitability and appropriateness of the proposed transaction, no person should act upon any recommendation in this article without first obtaining investment advice. Rizzo Farrugia, its directors, the author of this article, other employees or clients may have or have had interests in the securities referred to herein and may at any time make purchases and/or sales in them as principal or agent. Furthermore, Rizzo Farrugia may have or have had a relationship with or may provide or has provided other services of a corporate nature to companies herein mentioned. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security mentioned in this article. Neither Rizzo Farrugia, nor any of its directors or employees accepts any liability for any loss or damage arising out of the use of all or any part of this article. Additional information can be made available upon request from Rizzo, Farrugia & Co. (Stockbrokers) Ltd., Airways House, Fourth Floor, High Street, Sliema SLM 1551. Telephone: +356 2258 3000; Email: info@rizzofarrugia.com; Website: www.rizzofarrugia.com © 2021 Rizzo, Farrugia & Co. (Stockbrokers) Ltd. All rights reserved. This article may not be reproduced or redistributed, in whole or in part, without the written permission of Rizzo Farrugia. Moreover, Rizzo Farrugia accepts no liability whatsoever for the actions of third parties in this respect.
This article was produced by Edward Rizzo, Director at Rizzo Farrugia, which is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange. The company’s registered address is at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.