MIA uplifts its traffic and financial guidance for 2024

The MSE Equity Price Index fell by 0.27% to 3,755.105 points as the declines in five equities outweighed the gains in HSBC, Tigné Mall, and MaltaPost. Meanwhile, four other equities closed unchanged. Download today’s Equity Market Summary.

Malta International Airport plc closed unchanged at the €5.60 level as 1,125 shares changed hands. Following the close of trading, MIA published the April 2024 traffic results and the financial results for the first three months of 2024. MIA also updated its traffic and financial guidance for the year. In April 2024, passenger movements amounted to a record 774,562, which is 9.3% above the comparable figure of 708,338 registered last year. The seat load factor for April 2024 was at 83.8%, which is 0.8 percentage points lower than in April 2023, however seat capacity was 10.5% higher when compared to last year. With respect to the financial results for the first quarter of the year, MIA generated revenues of €25.7 million, 36% higher than the same period last year. EBITDA amounted to €14.8 million (Q1 2023: €9.60 million) while net profit amounted to €7.3 million (Q1 2023: €4.17 million). Following the stronger performance during the first three months of 2024, the airport operator issued updated targets, including passenger movements of 8.45 million compared to an earlier forecast of 8 million, revenue of €132 million compared to an earlier forecast of €126 million, EBITDA of €82 million compared to an earlier forecast of €79 million, and net profit of €44 million compared to an earlier forecast of €42 million. The capital investments for 2024 are expected in the region of €60 million. MIA is holding its Annual General Meeting tomorrow.

APS Bank plc traded flat at the €0.55 level across four deals totalling 8,001 shares.

A single trade of 4,444 shares left the share price of M&Z plc unchanged at the €0.60 level. The Directors of M&Z are recommending a final net dividend per share of €0.01986 to all shareholders as at close of trading on 17 May 2024, subject to shareholders’ approval during the upcoming Annual General Meeting scheduled to be held on 11 June 2024.

The ordinary shares of RS2 plc held the €0.95 level on a single deal of 1,540 shares.

Bank of Valletta plc shed 0.7% to the €1.42 level after recovering from an intraday low of €1.38 (-3.5%) across seven trades totalling 46,387 shares.

GO plc shed 0.7% to the €3.00 level over trivial volumes.

Meanwhile, GO’s IT services and data centre subsidiary, BMIT Technologies plc slumped by 10.5% to an all-time low of €0.34.

AX Real Estate plc moved 0.4% lower to the €0.494 level across four trades amounting to 20,100 shares.

Main Street Complex plc moved 1.7% lower to the €0.344 level on a single trade of 6,000 shares. The Directors of Main Street Complex are recommending the payment of a final net dividend of €0.011 per share to shareholders as at close of trading on 29 May 2024, subject to shareholders’ approval during the upcoming Annual General Meeting scheduled to be held on 28 May 2024.

On the other hand, HSBC Bank Malta plc increased by 0.7% to the €1.37 level on two trades totalling 5,164 shares.

MaltaPost plc rose by 0.4% to the €0.456 level on two trades amounting to 11,277 shares.

Tigné Mall plc moved 1.2% higher to the €0.83 level on muted activity. The Directors of Tigné Mall are recommending the payment of a final net dividend of €0.01445 per share, payable on 17 July 2024 to all shareholders as at the close of trading on 19 June 2024.

The RF MGS Index remained relatively unchanged at 890.342 points. German inflation data published today was in line with projections, as prices increased by 2.4% in April year-over-year whilst the corresponding core inflation for the period was 3.0%. Elsewhere, in the UK, labour data showed that unemployment during March remained unchanged at 4.3% whilst wages excluding bonuses grew by 6%. Meanwhile in the US, producer prices grew by 0.5% month-over-month during April which was higher than forecasts of 0.3%. Most of the increase is attributable to higher prices for final-demand services. Nonetheless, the annual producer price increase was in line with expectations. On the other hand, the growth in core producer prices was larger than anticipated on both an annual and monthly basis.

This report contains public information only and is not to be construed as investment advice or an offer to buy or sell any securities. Information contained herein is based on data obtained from sources considered to be reliable, but no representations or guarantees are made with regard to the accuracy of the data. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Rizzo, Farrugia & Co. (Stockbrokers) Limited 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.