Daily Market Highlights (18.04.2023)

IHI generates EBITDA of €51.7m in 2022


The MSE Equity Price Index increased by 0.2% to three-week high of 3,555.751 points as the gain in BOV outweighed the declines in Plaza and Santumas. Moreover, three other equities closed unchanged as total trading activity eased to €0.11 million compared to €0.33 million yesterday. Download today’s Equity Market Highlights.

Today, International Hotel Investments plc published its Annual Report and Financial Statements for the year ended 31 December 2022. Revenue amounted to €238.2 which represents a sharp uplift of 84.3% from the level of €129.3 million registered in 2021, albeit remained 11.2% lower than the record of €268.3 million posted in 2019. Meanwhile, operating costs increased by 61.7% to €215.7 million (2021: €133.4 million) as IHI was impacted by several inflationary pressures including the increase in costs of wages, fuel, and a wide variety of goods. Excluding depreciation and amortisation, consolidated EBITDA amounted to €51.7 million (which translates into an EBITDA margin of 21.7%) compared to €26.5 million recorded in 2021. The financial performance of IHI was negatively impacted by a number of non-cash line items. Overall, IHI reported a pre-tax loss of €1.09 million compared to the pre-tax loss of €39.6 million recorded in 2021. After accounting for a tax expense of €1.25 million and the profit of €3.1 million pertaining to minority interests, the net loss for the year attributable to shareholders amounted to €5.44 million compared to the loss of €28.3 million posted in 2021. Shareholders’ funds dropped by 2.9% to €606.9 million which translates into a net asset value per share of €0.9857. The equity remained inactive today.

Grand Harbour Marina plc also published their 2022 Annual Report. Revenue increased by 7.7% to €3.9 million, but operating profit dropped by 6.2% to €1.18 million reflecting higher direct costs and other administrative expenses. The financial performance was boosted by the profit of €1.33 million from the share of profits of the Group’s associate company in Turkey (IC Cesme), compared to a loss of €0.89 million in the previous year. Overall, Grand Harbour Marina posted a net profit of €1.56 million compared to a loss of €0.78 million in 2021.

Bank of Valletta plc was the most actively traded equity for the third consecutive session as climbed by 1.6% to the €0.935 level, across 11 deals totalling 61,107 shares.

Also in the banking sector, HSBC Bank Malta plc closed unchanged at the €1.02 level after opening at a low of €1.00 (-2%) as 27,600 shares exchanged hands.

Malta International Airport plc held the €5.55 level on three deals totalling 4,290 shares.

M&Z plc remained at the €0.61 level on a single trade of 3,160 shares.

Plaza Centres plc moved 1.4% lower to a 6-week low of €0.72 on muted activity.

Santumas Shareholdings plc shed 4.5% to the €1.27 level on trivial volumes.

Today, Simonds Farsons Cisk plc announced that its Board of Directors is scheduled to meet on Thursday 18 May 2023 to consider and approve the financial statements for the year ended 31 January 2023. The Directors will also consider the a final dividend to be recommended at the forthcoming Annual General Meeting scheduled for Thursday 15 June 2023.

Main Street Complex plc announced that its Board of Directors is scheduled to meet on Monday 24 April 2023 to consider and approve the financial statements for the year ended 31 December 2022. The Board will also consider the recommendation of a final dividend.

The RF MGS Index moved lower for the sixth successive session, as it fell by 0.13% to 872.892 points, the lowest value since 9 March. Today’s drop largely reflected the lower bid prices for long-dated MGS, reflecting increases in their respective yields, resulting in a steeper yield curve. Within the eurozone, the ZEW Economic Sentiment Indicator for Germany dropped for the second consecutive month to the lowest level for this year. Meanwhile, China’s economy expanded by an annualised rate of 4.5% in the first quarter of 2023, exceeding expectations of 4%, as its economy continues to recover from the reversal of the strict pandemic restrictive measures.


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.