On 5 August 2021, Tigné Mall plc published its interim results covering the six-month period ended 30 June 2021.
During the first half of 2021, revenues increased by 25.6% to €2.6 million (H1 2020: €2.1 million) as despite the temporary closure of ‘The Point Shopping Mall’ between 11 March and 25 April 2021 (in line with the directives issued by health authorities), the company benefitted from an improvement in business conditions when compared to the same period in 2020.
Operating costs remained virtually unchanged from last year at €1.3 million as the marginally lower depreciation charges were offset by a slight increase in general expenses. As a result, operating profit surged by just under 66% to €1.4 million (H1 2020: €0.8 million).
The financial performance of Tigné Mall was also positively impacted by lower net finance costs which eased by 19.2% to €0.3 million as the company continued to reduce its overall indebtedness.
Overall, Tigné Mall’s pre-tax profits more than doubled to €1.1 million (H1 2020: €0.45 million) and after accounting for a tax charge of €0.3 million, the net profit for the period under review amounted to €0.8 million compared to €0.2 million in H1 2020.
The Statement of Financial Position as at 30 June 2021, compared to the corresponding figures as at 31 December 2020, shows that total assets eased by 1.1% to €82.6 million whilst total liabilities contracted by just under 5% to €32.9 million largely reflecting the reduction of a further 7.5% in bank borrowings to €13.8 million. The company’s equity base grew by 1.5% to €49.7 million which, in turn, translates into a net asset value per share of €0.882 (31 December 2020: €0.868).
The Board of Directors of Tigné Mall resolved to distribute a net interim dividend of €0.0067 per share (H1 2020: nil) to all shareholders as at close of trading on Wednesday 18 August 2021. The payment of the dividend will take place on Friday 3 September 2021.
In their commentary, the Directors explained that Malta’s robust vaccination programme together with the re-opening of retail and catering outlets have resulted in an improved level of business activity. Notwithstanding the prevailing uncertainty, economic activity and consumer confidence levels have improved and prospects are better than last year. Furthermore, Tigné Mall is expected to have sufficient liquidity and financial resources to meet its obligations and expected cash outflows.