Malta Properties generates record operating profit

The MSE Equity Price Index remained relatively unchanged at 3,753.025 points as the declines in MPC, MIDI, and IHI were offset by the gains in BMIT, Hili Properties, and Santumas. Meanwhile, three other equities closed unchanged as today’s trading activity in local equities amounted to €0.09 million. Download today’s Equity Market Summary.

Malta Properties Company plc shed 0.7% to the €0.28 level across three trades amounting to 31,000 shares. Yesterday evening, MPC published its 2023 results. Revenue increased by 18.9% to a record of €5.02 million driven by the full rent of the Group’s largest asset the Żejtun Complex and Data Centre and new rental income from ‘The Exchange’ in Marsa. Operating profit improved by 25.6% to a record of €3.44 million and net profit amounted to €2.06 million. The Board of Directors is recommending the payment of a final net dividend of €0.014 per share, which is 7.7% higher than the dividend paid last year. Shareholders at the close of trading on 18 April 2024 will be entitled to receive this dividend on 23 May 2024 subject to shareholders’ approval during the upcoming Annual General Meeting scheduled to be held on 22 May 2024.

Also in the property sector, MIDI plc slumped by 4% to a four-month low of €0.24 on two deals of 12,800 shares. Today, MIDI announced that its Board of Directors is scheduled to meet on Friday 26 April 2024 to consider and approve the financial statements for the year ended 31 December 2023. The Directors will also consider the declaration of a dividend.

International Hotel Investments plc fell by 2.2% to the €0.45 level as 1,070 shares changed hands.

On the other hand, BMIT Technologies plc advanced by 2.1% to the €0.39 level over six deals totalling 79,000 shares.

Hili Properties plc surged by 9.5% to the €0.208 level after recovering from an intraday low of €0.151 (-20.5%) over six trades amounting to 37,500 shares.

Santumas Shareholdings plc gained 3.8% to the €1.35 level over trivial volumes.

A single trade of 25,000 shares left the share price of Malita Investments plc unchanged at the €0.49 level. Last week, Malita announced that it would be extending the closing date of its Rights Issue offer by three weeks, from Friday 15 March 2024 to Friday 5 April 2024.  Furthermore, the Company will now be able to enter into placement agreements with institutional investors pursuant to the Excess Shares Offer until Wednesday 3 April 2024.

Bank of Valletta plc closed unchanged at the €1.37 level after recovering from an intraday low of €1.36 (-0.7%) across four trades totalling 13,435 shares.

PG plc held the €2.00 level as 5,000 shares changed hands.

Today, Tigné Mall plc announced that its Board of Directors is scheduled to meet on Monday 22 April 2024 to consider and approve the financial statements for the year ended 31 December 2023. The Board will also consider the declaration of a dividend.

Today, Lombard Bank Malta plc announced that its Board of Directors is scheduled to meet on Friday 26 April 2023 to approve the financial statements for the year ending 31 December 2023. 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.

Yesterday, FIMBank plc announced that its Board of Directors is scheduled to meet on Wednesday 24 April 2024 to consider and approve the financial statements for the year ended 31 December 2023.

The RF MGS Index rose by 0.14% to 896.957 points. Today, the German 10-year bund yield fell to around 2.30% compared to yesterday’s closing yield of 2.37%. Data published today showed that consumer spending in the UK was flat during February compared to an expected decline, following a 3.6% increase last January. The Governor of the Bank of England Andrew Bailey commented that inflation is heading in the right direction and that expecting interest rate cuts during the year is not unreasonable. Meanwhile, in Germany, residential property prices saw an annual decline of 8.4% during 2023, which was the highest since the German statistics office began keeping records in 2000 and marked the first annual decline since 2007.

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