MaltaPost plc - Interim Results

On 17 May 2023, MaltaPost plc published the Unaudited Interim Financial Statements for the six-month period ended 31 March 2023.

Performance Overview

Revenue surged by 30.2% to €20.4 million (H1 2021/22: €15.7 million) reflecting an increase in international cross-border mail activity which falls outside the scope of the universal service obligation which outweighed the lower volumes of inbound-parcel and local mail.

In view of the higher level of business, operating expenses climbed by 30.7% to just under €20 million. MaltaPost explained that a number of postal tariffs do not reflect the true cost of providing each individual service covered by the Universal Service Obligation and the company is being made to absorb losses to deliver such services. Nonetheless, given the sharper increase in revenues than costs in absolute terms, operating profit improved by 20% to €0.86 million compared to €0.72 million in the previous comparable period. Excluding depreciation and amortisation, EBITDA increased by 12.2% to €1.82 million, however the EBITDA margin eased to 8.9% (H1 2021/22: 10.4%).

After accounting for finance income of €0.03 million and a loss of €0.19 million pertaining to the company’s investment in IVALIFE Insurance Ltd, the postal operator reported a profit before tax of €0.70 million, which is 19.4% higher than the €0.60 million figure reported in the first half of the 2021/22 financial year. After deducting a tax charge of €0.29 million and a non-controlling interest of €0.02 million, the net profit attributable to shareholders amounted to €0.38 million (H1 2021/22: €0.33 million) which translates into an annualised return on average equity of 2.83% (H1 2020/21: 2.42%).

The Statement of Financial Position shows that, compared to the position as at the end of September 2022, total assets eased by 0.32% to €49.7 million whilst total liabilities declined by 0.76% to €22.3 million. As at 31 March 2023, shareholders’ funds amounted to €27 million.


In their commentary, the Directors explained that the outlook for the second half of the financial year ending 30 September 2023 remains challenging. The Board noted that a fair and reasonable annual tariff adjustment mechanism within the highly regulated Universal Service Obligation has become an immediate must.