Farsons expects record profits in current financial year
The MSE Equity Price Index snapped a six-day positive streak as it eased by 0.38% to 3,761.012 points as all four equities that traded today closed in negative territory amid muted volumes. Download today’s Equity Market Summary.
Meanwhile, Simonds Farsons Cisk plc published forecasts for the current year to 31 January 2024. Revenues are expected to grow by a further 9.2% to a record of €129.1 million as Farsons expects a material pickup in business activity across all business streams. EBITDA is anticipated to climb by 5.0% to €27.7 million, which would also be a new record high, but the EBITDA margin is anticipated to contract to 21.4% compared to 22.3% last year. Overall, Farsons expects a record net profit of €15.5 million, which translates to a return on average equity of 10.8%.
Bank of Valletta plc moved 0.8% lower to the €1.22 level after partially recovering from an intra-day low of €1.20 (-2.4%) across ten deals totalling 30,000 shares.
Also in the banking sector, APS Bank plc shed 0.8% to the €0.60 level on two trades totalling 5,046 shares.
MIDI plc was today’s worst market performer as it slumped by 14.1% to a multi-year low of €0.232 level on one trade of 3,400 shares.
Malta Properties Company plc moved 1.5% lower to a one week low of €0.39 on trivial volumes.
The RF MGS Index erased yesterday’s gains as it dropped by 0.07% to a new all-time low of 860.996 points. Within Europe, natural gas prices reached a 1-month low amid higher inventory levels and increased supply from Norway. Meanwhile in the US, annual inflation in June eased to 3.0%, the lowest level since March 2021 and below expectations of 3.1%. The slowdown was largely attributed to the high base effect from the surge in energy and food prices last year, as well as the slowdown in increase in prices of various other goods and services.
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