MPC generates record interim operating profit

 

The MSE Equity Price Index rose by 0.34% to 3,829.514 points driven by the gains in BOV, APS, BMIT, PG and Harvest outweighed the declines in GO, Medserv and Mapfre Middlesea. Meanwhile, five other equities closed unchanged as today’s trading activity in local equities amounted to €0.16 million. Download today’s Equity Market Summary.

Malta Properties Company plc closed unchanged at the €0.33 level on two deals totalling 4,327 shares. Today, MPC published the interim statements for the six-month period ended June 2024. MPC’s revenue rose by 19.4% to a record €2.86 million driven by additional rental income from the Mediterranean Building in Ta’ Xbiex as the property reached full occupancy, the new rental income from the Exchange in Marsa as well as rental rate increases linked to inflation. The growth in revenue well outweighed the increase in expenses which also resulted in a record operating income of €2.17 million compared to €1.82 million in the previous year. After considering net finance costs amounting to €0.51 million and a tax charge of €0.5 million the net profit for the period reached €1.15 million representing a more than 70% increase from the €0.67 million reported in the corresponding period last year and resulting in an annualised return on average equity of 4.2%.

Similarly, HSBC Bank Malta plc held onto the €1.64 level on a single trade of 6,792 shares.

Simonds Farsons Cisk plc traded flat at the €6.85 level as 532 shares changed hands.

Malta International Airport plc remained unchanged at the €6.00 level over eight trades amounting to 6,500 shares. Last week, the Board of Directors declared a net interim dividend of €0.06 per share, which is double the interim dividend paid in 2023. The dividend is payable by not later than Friday 13 September 2024 to all shareholders as at the close of trading on Tuesday 20 August 2024.

A single trade of 437 shares left the share price of Main Street Complex plc unchanged at the €0.34 level.

Meanwhile, PG plc surged by 5.5% to the €1.91 level on two deals totalling 5,000 shares. PG will publish the full-year results for the financial year ending April 2024 on 27 August 2024.

APS Bank plc gained 3.7% to the €0.51 level on two trades amounting to 9,900 shares. On 25 July, the Board declared a net interim dividend of €0.0053 per share payable to all shareholders as at the close of trading on 20 August 2024 subject to regulatory approval.

Also in the banking sector, Bank of Valletta plc rose by 0.6% to the €1.64 level after recovering from an intraday low of €1.61 (-1.2%) over nine trades amounting to 37,460 shares.

BMIT Technologies plc increased by 2.4% to the €0.34 level as 8,600 shares changed hands. Last Tuesday, BMIT published its interim results covering the six-month period ended 30 June 2024. The net profit for the period was €2.21 million, 16% less than the €2.63 million reported during the corresponding period in 2023 as the additional income from managing the mobile network towers was offset by the additional depreciation and amortisation charges as well as increased finance costs.

Harvest Technologies plc moved 1.0% higher to the €0.98 level on a single trade of 6,552 shares. Today, Harvest published the interim financial statements for the six-month period ending June 2024. Harvest generated a net interim profit of €0.61 million compared to €0.18 million in the corresponding period last year. The directors announced a net dividend of €0.03 per share payable on 30 August 2024 to all shareholders as of the close of trading on 14 August 2024.

On the other hand, GO plc fell by 2.0% to the €2.90 level after failing to hold on to an intraday high of €2.98 (+0.7%) over four deals totalling 5,390 shares. GO will publish the interim statements for the six-month period ended June 2024 tomorrow.

Mapfre Middlesea plc moved 0.8% lower to the €1.32 level after recovering from an intra-day low of €1.00 (-25%) albeit over trivial volumes.

MedservRegis plc fell by 6.7% to the €0.42 level on muted activity.

The RF MGS Index declined by 0.04% to 902.943 points as the fall in the prices of long-term MGS outweighed the gains in short-term MGS, implying a steepening of the yield curve. Nonetheless, yields rebounded sharply in the afternoon following the publication of better-than-expected unemployment data in the US thereby easing concerns of an imminent recession in the North American economy.

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.