MaltaPost plc - Interim Results

On 28 May 2024, MaltaPost plc published the Unaudited Interim Financial Statements for the six-month period ended 31 March 2024.

Performance Overview

Revenue increased by 2.4% to €20.9 million reflecting an increase in international cross-border mail activity which falls outside the scope of the universal service obligation.

Operating expenses fell by 5.1% to €18.6 million, reflecting a number of cost efficiency measures. MaltaPost also explained that the cost of delivering the universal service obligation continues to rise despite being mitigated by occasional tariff revisions.

Consequently, operating profit nearly tripled to €2.35 million from €0.86 million in the same period last year. Excluding depreciation and amortisation charges, EBITDA almost doubled to €3.36 million from €1.82 million in H1 2022/23 and the EBITDA margin improved to 16.1% (H1 2022/23: 8.9%).

After accounting for a minimal finance income and share of profit from the company’s life insurance associate IVALIFE Insurance Ltd, the postal operator reported a profit before tax of €2.49 million compared to €0.70 million in the comparable period last year. After deducting a tax charge of €0.84 million and a non-controlling interest of €0.07 million, the net profit attributable to shareholders amounted to €1.58 million which translates into an annualised return on average shareholders’ funds of 11.1% (H1 2022/23: 2.83%).

The Statement of Financial Position as at 31 March 2024 compared to the position as at the end of September 2023 shows that total assets grew by 6.8% to €50.6 million including €8.5  million in cash balances. Meanwhile, total liabilities increased by 10.0% to €20.3 million reflecting larger trade payables as the postal operator remained free from any borrowings. Shareholders’ funds amounted to €29.8 million resulting in an NAV per share of €0.3705 (31 March 2023: €0.3477).


In their commentary, the Directors explained that the Company is implementing the next stage of its ‘One Delivery Strategy’. Furthermore, the company will strive to bring into successful fruition the longer-term investments in life and general insurance, together with efforts to grow its document management service. The Board noted that a fair and reasonable annual tariff adjustment mechanism within the highly regulated Universal Service Obligation would mean that MaltaPost would no longer need to subsidise select postal services under the Universal Service Obligation.