MPC secures new leases for Swatar and Marsa Properties

The MSE Equity Price Index fell by 0.26% to the 3,904.883 points as the declines in BMIT, Grand Harbour Marina, HSBC, IHI, and the ordinary shares of RS2 outweighed the gains in Convenience Shop, Malita, M&Z, Lombard and VBL. Meanwhile, two other equities closed unchanged with the total trading value amounting to around €0.12 million. Download today’s Equity Market Summary.

Malta Properties Company plc slumped by 4.4% to the €0.346 level over three deals totalling 3,040 shares. Following the close of today, MPC published its annual report and financial statements for the financial year ended 31 December 2024.

Revenue increased by 13.2% to a record of €5.69 million (2023: €5.02 million) driven by additional rental income for ‘The Exchange’ in Marsa as well as the ’Mediterranean Building’ in Ta’ Xbiex which outweighed the decrease in revenue from the Swatar property. Meanwhile, EBITDA rose by 14.7% to €3.44 million Overall, MPC reported a record pre-tax profit of €3.68 million. After accounting for a tax charge of €1.13 million, the net profit figure for the year amounted to €2.54 million (2023: €2.06 million) which translates into a return on average equity of 4.46% (2023: 3.68%). As of 31 December 2024, MPC had a net asset value per share of €0.5677 (31 December 2023: €0.5566).

MPC also reached an agreement such that the remaining area of ‘The Exchange’ will be occupied once works are completed in 2025. Furthermore, MPC noted that the properties whose leases expired in the last quarter of 2024 are being renovated. MPC confirmed that it has been successful in leasing out the whole Swatar building as well as part of the Marsa office building.

The Board of Directors recommended a final net dividend of €0.014 per share unchanged from the previous year. The dividend will be paid on 30 May 2025 to all shareholders as at close of trading on 24 April 2025.

The ordinary shares of RS2 plc shed 2.6% to close at a multi-year low of €0.38 as 21,469 shares changed hands.

BMIT Technologies plc fell 5.9% to €0.32 level over three trades amounting to 24,035 shares. BMIT shareholders as at close of trading on Thursday 15 May 2025 will be entitled for a net dividend per share of €0.0189. Shareholders will have the option to receive the dividend either in cash or in new ordinary shares at an attribution price of €0.319 per share.

Grand Harbour Marina plc plummeted by 11.1% to the €0.80 level on two deals totalling 20,000 shares.

HSBC Bank Malta plc moved 0.6% lower to the €1.56 level on a single deal of 650 shares. The Board of Directors recently recommended a final net dividend of €0.078 per share. The dividend will be paid on 20 May 2025 to all shareholders as at close of trading on 9 April 2025 subject to approval by the Annual General Meeting scheduled for 13 May 2025.

Also among large companies by market value, International Hotel Investments plc declined by 2.3% to the €0.43 level on muted activity. Last Monday, IHI announced that a joint-venture company with Action Real Estate Company, in which IHI holds a minority position, acquired two neighbouring hotels in a prime location in Beverly Hills, Los Angeles, in California. IHI explained that the hotels will undergo a refurbishment and that the acquisition is part of a broader strategy for the Beverly Hills market.

On the other hand, Malita Investments plc surged by 3.9% to the €0.53 level over four deals amounting to 40,100 shares.

The Convenience Shop (Holding) plc gained 0.5% to the €0.95 level on two deals amounting to 1,000 shares. The company’s Board of Directors is scheduled to meet on Monday 28 April 2025 to consider the approval of the financial statements for the year ending 31 December 2024. The Directors will also consider the declaration of a final dividend.

VBL plc advanced by 2.9% to the €0.18 level as 5,000 shares changed hands.

M&Z plc rose by 3.7% to the €0.56 level on two deals totalling 10,250 shares.

Lombard Bank Malta plc moved 1.3% higher to the €0.77 level on one trade of 1,868 shares.  Lombard’s Board of Directors is scheduled to meet on Wednesday 16 April 2025 to approve the financial statements for the year ending 31 December 2024. The Directors will also consider the declaration of a final dividend to be recommended at the upcoming Annual General Meeting, subject to regulatory guidelines and approvals.

Meanwhile, Bank of Valletta plc closed unchanged at the €2.00 level across six deals amounting to 25,866 shares. BOV will publish its 2024 annual financial results on Wednesday 26 March.

Also in the banking sector, APS Bank plc traded flat at the €0.62 level as 5,320shares changed hands. The Directors of APS recommended the payment of a final net dividend of €0.017 per share to shareholders as at close of trading on 4 April 2025, subject to regulatory and AGM approvals. Shareholders will have the option to receive the dividend either in cash or in new ordinary shares at an attribution price of €0.57 per share.

The RF MGS Index rose by 0.24% to a two-week high 904.597 points. During a speech today, ECB President Christine Lagarde explained that a 25% tariff imposed by the US would lower euro zone growth by 0.3 percentage points in the first year which would be further exacerbated by EU retaliatory measures. Mrs Lagarde explained that although inflation could be lifted the short-run, inflation will ease back in the medium term due to lower economic activity. Furthermore, Lagarde stressed that any estimates of the cost of a trade war were subject to considerable uncertainty and that the ECB would be vigilant and ready to act to protect price stability. Elsewhere in the UK, the Bank of England opted to leave interest rates unchanged at 4.5%.

This report contains only public information and is not to be construed as investment advice or an offer to buy or sell 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.