BMIT generates record interim EBITDA

The MSE Equity Price Index fell for the second consecutive session as it decreased by 0.15% to 3,809.298 points as the declines in Hili Properties, AX Real Estate and Tigné Mall outweighed the gains in APS. Meanwhile, three other equities closed unchanged as today’s total trading activity in local equities was muted at just €0.08 million. Download today’s Equity Market Summary.

BMIT Technologies plc traded flat at the €0.33 level as 22,950 shares changed hands. Today, BMIT published its interim results covering the six-month period ended 30 June 2024. Revenue rose by 12.8% to €16.7 million (H1 2023: €14.8 million) reflecting the €1.9 million additional income from managing the mobile network towers purchased from GO plc in December 2023. Operating costs increased by 12.6% to €11.9 million from €10.6 million in the previous year. Excluding depreciation and amortisation charges amounting to €1.8 million (H1 2023: €0.9 million), EBITDA rose by 27.2% to €6.61 million as a result of the contribution of the mobile towers. However, due to additional interest payments for loans taken out to finance the €46.6 million acquisition of the mobile towers, finance costs rose to €0.9 million from €0.11 million in the first half of 2023. After deducting a tax charge of €1.72 million, BMIT posted a net profit for the period of €2.21 million, 16% less than the €2.63 million reported during the corresponding period in 2023.

BMIT’s parent company, GO plc held on to the €2.96 level across four deals amounting to 7,600 shares.

Bank of Valletta plc closed unchanged at the €1.63 level over seven trades totalling 10,440 shares.

Meanwhile, Tigné Mall plc decreased by 1% to the €0.99 level on two trades amounting to 15,888 shares. Last week, the Directors of Tigné Mall declared a record net interim dividend of €0.01445 per share, payable on Wednesday 28 August 2024 to all shareholders as at the close of trading on Monday 12 August 2024.

Hili Properties plc slumped by 6.0% to the €0.188 level on a single deal of 10,600 shares.

Also in the property sector, AX Real Estate plc fell by 5.0% across three trades totalling 23,000 shares.

On the other hand, APS Bank plc increased by 0.4% to the €0.492 level on one trade of 10,000 shares. On 25 July, the Board declared a net interim dividend of €0.0053 per share payable to all shareholders as at close of trading on 20 August 2024 subject to regulatory approval.

The RF MGS Index snapped a six-day winning streak falling by 0.38% to 903.038 points as the benchmark 10-year Germany Bund yield this morning rebounded to around the 2.2% level amid a volatile session.

 

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.