M&Z improves profits on stable revenue

The MSE Equity Price Index fell for the fourth consecutive session as it decreased by 0.28% to reach a fresh two-week low of 3,898.604 points as the declines in AX Real Estate, HSBC, Mapfre Middlesea and MPC outweighed the gains in IHI, MaltaPost and Farsons. Meanwhile, five other equities remained unchanged. Download today’s Equity Market Summary.

M&Z plc closed unchanged at the €0.56 level across two trades amounting to 15,050 shares. Today, M&Z published its 2024 financial statements which showed that revenue remained practically unchanged at just under €30 million. Nonetheless, operating costs (net of other operating income) fell by 1.9% to €26.9 million, reflecting the absence of the loss allowance regarding trade receivables that was recognised in 2023. As a result, operating profit (EBIT) rose by 21.5% to €3.47 million compared to €2.86 million in 2023 and the EBIT margin improved to 11.6% compared to 9.6% in the previous year. The net profit for the year amounted to €2.02 million which is 14.6% higher than the previous year and translates into a return on equity of 24% (2023: 22%). The Directors of M&Z are recommending a final net dividend per share of €0.0162 to all shareholders as at close of trading on 28 May 2025, subject to shareholders’ approval during the upcoming Annual General Meeting scheduled to be held on 4 June 2025. The final dividend is expected to be paid by not later than 27 June 2025. Coupled with the net interim dividend per share of €0.009 paid in September 2024, the total net dividend per share for the year amounts to €0.0252, which is 12.7% lower than the previous year and translates into a payout ratio of 56% (2023: 74%).The Directors will also be proposing a new share buyback programme for the consideration of the shareholders at the upcoming AGM.

APS Bank plc held the €0.58 level on a single deal of 6,065 shares.

Also in the banking sector, Bank of Valletta plc closed unchanged at the €2.08 level across eleven trades amounting to 26,630 shares. BOV’s Board of Directors is recommending a final net dividend of €0.0854 per share to be paid on 12 June 2025 to all shareholders as at close of trading on 25 April subject to regulatory approval and approval by the Annual General Meeting scheduled for 29 May 2025.

FIMBank plc held the USD0.15 level as 3,000 shares changed hands. Last Wednesday, FIMBank plc published the 2024 financial results which showed a marginal reduction in net interest income to USD51.8 million whilst the Group recorded lower loss of USD0.6 million from non-interest income. Consequently, total operating profit remained relatively unchanged at USD51.2 million. Overall, FIMBank reported a pre-tax profit of USD8.3 million, which is 43% higher than the previous year. Shareholders’ funds advanced to USD183.6 million which translates into a net asset value per share of USD0.3505 (31 December 2023: USD0.3422).

VBL plc held the €0.188 level on muted activity. Today, VBL announced that its Board of Directors is scheduled to meet on Thursday 24 April 2025 to consider the approval of the financial statements for the year ended 31 December 2024.

Meanwhile, AX Real Estate plc slumped by 4.9% to the €0.39 level on two deals amounting to 5,800 shares.

HSBC Bank Malta plc fell by 2% to the €1.49 level on a single deal of 650 shares.

Mapfre Middlesea plc plummeted by 8.8% to the €1.45 level as 4,665 shares changed hands. Shareholders as at the close of trading on 8 May will be entitled to receive a net dividend of €0.052174 per share payable on 26 May 2025.

Malta Properties Company plc shed 2.7% tot the €0.354 level on a single deal of 750 shares. Shareholders as at the close of trading on Thursday 24 April 2025 will be entitled to receive a net dividend of €0.014 per share on Friday 30 May 2025.

On the other hand, MaltaPost plc surged by 11.7% to the €0.458 level albeit over trivial volumes.

A single trade of 4,500 shares of International Hotel Investments plc pushed its share price 2.4% higher to the €0.43 level.

Simonds Farsons Cisk plc moved 1.6% higher to the €6.25 level over seven trades amounting to 2,817 shares.

The RF MGS Index moved 0.26% higher to the 909.870 points as inflation figures in the US continued to highlight a downtrend. Particularly, producer prices in March dropped to 2.7% compared to the anticipated level of 3.3%.  On a monthly basis, producer prices fell by 0.4%, the first decline since October 2023, and contrary to an expected 0.3% rise. Elsewhere, inflation in Germany during March stood at 2.3% in line with expectations.

 

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.