MIA registers monthly passenger traffic record in July

 

The MSE Equity Price Index advanced by 0.11% to 3,833.854 points as the gains of MIA and BOV outweighed the declines in seven other equities. Meanwhile, AX Real Estate plc held the €0.45 level on muted activity. Download today’s Equity Market Summary.

Malta International Airport plc surged by 3.5% to a nine-month high of €5.90 across ten trades totalling 9,111 shares. Today, MIA published the July 2023 traffic results. Passenger movements exceeded their relative 2019 figures for the seventh consecutive month, reaching a record figure for July of 848,716 passenger movements, which is 6.3% above the comparable figure of 798,453 registered in July 2019. Passenger movements in July 2023 were 23.2% higher than the movements registered in the same month last year.

MIA noted that the July 2023 monthly passenger traffic figure also marked a new overall monthly record, exceeding the previous record registered in August 2019 by more than 25,000 passenger movements. The seat load factor for July 2023 stood at 89.1%, which is 2.1 percentage points higher than in July 2019. The airport operator explained that seat capacity was also 3.8% higher when compared to 2019, despite aircraft movements remaining in line with 2019 levels, due to larger aircraft being operated on flights to Malta.

MIA explained that August is expected to be an even busier month than July.

Also among the companies by market value, Bank of Valletta plc advanced 0.8% to the €1.31 level after recovering from an intra-day low of €1.29 (-0.8%) across seven trades totalling 33,000 shares.

Meanwhile, Tigné Mall plc dropped by 2.4% to a one-week low of €0.82 on a single trade of 22,000 shares. Today, Tigné Mall published its interim results for the first six months of 2023.  Revenue increased by a further 6.7% to a record (at interim stage) of €4.09 million (H1 2022: €3.84 million) as the positive effects of strong consumer demand and improved tourism numbers outweighed the prevailing inflationary pressures, resulting in an improvement to both fixed and variable rental income. The net profit for the period amounted to a record of €1.93 million, which is 20.5% higher than the €1.60 million figure recorded in the first half of 2022. Shareholders’ funds expanded by 3.3% to €60.9 million, which translates into a net asset value per share of €1.08. The Directors of Tigné Mall declared a record net interim dividend of €0.0136 per share, which is 2.3% higher than last year’s interim dividend despite representing a lower payout ratio of 40% (H1 2022: 47%). The dividend is payable on 7 September 2023 to all shareholders as of the close of trading on 23 August 2023.

Within the same sector, Main Street Complex plc eased by 0.5% to an eleven-month low of €0.412 on low volumes.

PG plc shed 1% to €2.06 on a single deal of 2,400 shares. PG’s Board of Directors is scheduled to meet on Thursday 24 August 2023 to consider and approve the Annual Report and financial statements for the year ended 30 April 2023.

HSBC Bank Malta plc moved 1.5% lower to the €1.28 level on two trades totalling 2,000 shares. Today, the equity started trading ex-dividend.

Also in the banking sector, APS Bank plc declined by 1.6% to the €0.61 level after partially recovering from an intraday low of €0.60 (-3.2%) across nine deals totalling 42,782 shares. APS shareholders as of the close of trading on 23 August 2023 will receive a net interim dividend of €0.0056 per share, which shareholders can elect to receive the dividend either in cash or through the issuance of new ordinary shares at an attribution price of €0.57 per share.

Lombard Bank Malta plc dropped by 1.1% to a near two-month low of €0.88 on a single trade of 5,000 shares.

GO plc moved 0.7% lower to the €2.98 level on lacklustre volumes. Last Monday, GO published its interim results for the six-month period ending 30 June 2023. Revenues surged by 13.7% to a record (at the interim stage) of €120.5 million (H1 2022: €106.0 million), reflecting growth in the local telecom services as well as its subsidiaries BMIT Technologies plc and Cablenet Communication Systems plc. Operating profit surged by 23.7% to €18.6 million (H1 2022: €15.1 million). Excluding depreciation and amortisation, EBITDA increased by 10.2% to €45.3 million (H1 2022: €41.2 million), however, the EBITDA margin eased to 37.6% compared to 38.8% in the first half of 2022. The Group’s net profit for the period attributable to shareholders amounted to €8.71 million (H1 2022: €6.44 million) which translates into an annualised return on average equity of 18.6% (H1 2022: 13.1%).

Today, Trident Estates plc announced that its Board of Directors is scheduled to meet on Wednesday 13 September 2023 to consider and approve the financial results for the six-month period ended 31 July 2023.

MIDI plc announced that its Board of Directors is scheduled to meet on Wednesday 30 August 2023 to consider and approve the financial results for the six-month period ended 30 June 2023.

The RF MGS Index dropped by 0.29% to 869.473 points, reflecting the increase in yields across the eurozone sovereign bond markets. Indeed, the 10-year German bund yield resurfaced above the 2.6% after moving towards the 2.4% level earlier this week. Data published today showed that the UK’s economy grew by 0.2% in the second quarter of this year, ahead of expectations amid strong household consumption and manufacturing output. Meanwhile in the US, producer prices increased ahead of expectations in July, with a wide range of products and services contributing to the higher reading.

 

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.