On 29 August, Santumas Shareholdings plc published its full-year results covering the financial year ended 30 April 2019.
During the 2018/19 financial year, the Company registered a significant improvement in revenue which reached €0.85 million compared to €0.07 million in the previous financial year. The improvement in revenue was largely due to the following factors: (i) €0.38 million in additional income being generated from the concession of contractual rights on certain properties in Marsascala; (ii) a 23% increase in dividends received from local equity investments to €0.23 million; and (iii) a €0.06 million increase in the fair value of financial assets in contrast to the €0.52 million decrease in fair value reported in the previous financial year. These factors were only partially offset by the 69.5% decline in the increase in fair value of investment properties which amounted to just under €0.1 million compared to an unrealised gain of €0.32 million in the previous financial year.
Administrative expenses contracted by 11.3% to €0.13 million largely reflecting lower professional and registration fees.
Overall, Santumas Shareholdings plc reported a pre-tax profit of €0.72 million compared to a pre-tax loss of €0.08 million in the previous financial year ended 30 April 2018. After taking into consideration a tax expense of €0.13 million, the net profit of the Company amounts to €0.58 million.
The Statement of Financial Position shows a 4.2% increase in total assets to €12.65 million (30 April 2018: €12.05 million) largely reflecting the uplift in the fair value of financial assets as well as the fair value of investment properties. Meanwhile, total liabilities marginally contracted to €0.69 million. Accordingly, the equity base grew by 4.2% to €11.96 million (30 April 2018: €11.37 million) which translates into a net asset value per share of €1.799 compared to €1.709 as at 30 April 2018.
Annual General Meeting
The announcement noted that the Annual General Meeting of the Company is scheduled to be held on Friday 11 October 2019.
During the meeting, the shareholders will be asked to approve a 1 for 10 bonus issue.