APS increases dividend despite dip in profits

The MSE Equity Price Index climbed by 0.15% to the 3,920.753 points as the gains in BMIT, GO, Plaza, and VBL outweighed the declines in APS, FIMBank and RS2. Meanwhile, four other equities closed unchanged. Overall trading value amounted to just under €0.10 million. Download today’s Equity Market Summary.

APS Bank plc eased by 0.8% to the €0.60 level on three deals totalling 9,750 shares. Today, APS published the financial statements for the financial year ended 31 December 2024. Net interest income dropped by 11% to €65.5 million as the growth in gross interest income was offset by higher interest expenses. Meanwhile, APS recorded higher income from other streams, including net fees and commission income, foreign exchange activity and an upward revaluation of its property assets. The Group’s pre-tax profit for the year amounted to €23.8 million which is 21.4% lower than the previous year. Net profit attributable to shareholders amounted to €17.6 million, which is 11.1% lower than last year and translates into a return on average equity of 6.2% (2023: 7.6%). During the year, APS registered growth in lending of over €314 million resulting in consumer loans exceeding the €3 billion level. Likewise, the Bank registered an over €500 million increase in deposits to a total of €3.67 billion. As at the end of 2024, shareholders’ funds stood at €295.7 million, which translate into a net asset value per share of €0.7789. The Directors of APS are recommending the payment of a final net dividend of €0.017 per share to shareholders as at close of trading on 4 April 2025, subject to regulatory and AGM approvals. Shareholders will have the option to receive the dividend either in cash or in new ordinary shares at an attribution price of €0.57 per share. Coupled with the net interim dividend of €0.0053 per share that was paid in September 2024, the total net dividend attributable for the 2024 financial year amounts to €0.022 per share, which is 6.8% higher than last year and represents a payout ratio of 47% (2023: 39%).

The ordinary shares of RS2 plc dropped by 4.8% to the €0.40 level across two deals totalling 8,000 shares.

FIMBank plc declined by 2.4% to the USD0.16 level across two trades totalling 31,250 shares.

Bank of Valletta plc closed unchanged at the €2.00 level after failing to hold an intraday high of €2.04 (+2.0%) across 18 deals amounting to 30,064 shares. The Board of Directors of BOV is scheduled to meet on Wednesday 26 March 2025 to consider the approval of the financial statements for the year ended 31 December 2024. The Directors will also consider the declaration of a final dividend.

Malta International Airport plc held the €6.10 level on one trade of 310 shares.

A single trade of 2,500 shares left the share price of Santumas Shareholdings plc at the €1.20 level.

Likewise, Malta Properties Company plc stayed at the €0.348 level on trivial volumes.

BMIT Technologies plc surged by 5% to the €0.338 level across two deals totalling 7,720 shares. The Directors of BMIT are recommending the payment of a net dividend per share of €0.0189, payable to all shareholders as at close of trading on Thursday 15 May 2025, who will have the option to receive the dividend either in cash or in new ordinary shares at an attribution price of €0.319 per share.

BMIT’s parent company GO plc advanced by 3.8% to the €2.72 level on four trades totalling 2,340 shares.

Plaza Centres plc increased by 3.4% to the €0.60 level on a single deal of 10,000 shares.

VBL plc climbed by 2.9% to the €0.175 level on trivial volumes. On Monday, VBL announced that it entered into a long-term lease agreement with Ruby Hotels Ltd for the lease of the Silver Horse Building. VBL noted that once the lease becomes effective, it is expected to generate substantial lease revenue as from financial year 2026, and the majority of revenue is expected to contribute directly to EBITDA, which is projected to increase the current operational EBITDA levels by up to 3 to 4 times.

The RF MGS Index recovered some of its recent losses as it climbed by 0.06% to 900.106 points, reflecting an upward movement in long-term MGS bid prices. Data from the euro area showed that industrial production increased above expectations in January and reached the same level of the same period of last year. Previously, industrial production had fallen for 20 consecutive months.

 

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.