MIA launches €345m investment plan following record results

 

The MSE Equity Price Index rose by 0.95% to reach an almost two-month high of 3,920.365 points as the gains in AX Real Estate, BOV, HSBC, and MIA outweighed the declines in APS and Farsons. Meanwhile, four other equities closed unchanged as today’s trading activity in local equities amounted to €0.12 million. Download today’s Equity Market Summary.

Malta International Airport plc gained 1.6% to the €6.20 level across three deals amounting to 4,740 shares. Following the close of trading, MIA published the 2024 financial results. Revenue surged by 19% to a record of €142.9 million compared to the previous record of €120.2 million in 2023. Both main operating segments registered higher income with the ‘Airport’ segment increasing by 20% to €99.1 million (representing 69.4% of total revenues) while revenue from the ’Retail & Property’ segment climbed 16% higher to €43.5 million in revenue (representing just over 30% of revenue). The company explained that the new traffic milestone of 8.96 million passengers was the principal driver for the higher income. MIA achieved a record operating profit of €72.3 million and a record net profit of €46.3 million, both 15% higher than the previous year. The Directors’ Report highlighted that the capital expenditure for 2024 amounted to €68.3 million (2023: €44.3 million). Furthermore, the Board approved a €345 million investment plan for the period 2025-2029 which is aimed at delivering significant operational improvements, provide equipment to operate more sustainably, and further strengthen MIA’s commercial portfolio. The Board of Directors is recommending a final net dividend of €0.12 per share to be paid by not later than Saturday 31 May 2025 to all shareholders as at the close of trading on Thursday 10 April 2025, subject to approval at the upcoming Annual General Meeting scheduled for Wednesday 14 May 2025. The proposed final dividend is unchanged from last year but when coupled with the higher net interim dividend per share of €0.06 paid in September 2024 (Sept 2023: €0.03), the total net dividend attributable to the 2024 financial year amounts to a record of €0.18 per share (2023: €0.15) which amounts to a payout ratio of 52.6% (2023: 50.4%).

Bank of Valletta plc surged by 2.6% to a fresh seven year high of €1.95 across fifteen trades amounting to 32,015 shares. Nonetheless, the volume-weighted price of the day stood at €1.89 (-0.5%).

Also in the banking sector, HSBC Bank Malta plc gained 1.9% to the €1.57 level over seven deals amounting to 8,150 shares. The Board of Directors is recommending a final net dividend of €0.078 per share to be paid on 20 May 2025 to all shareholders as at close of trading on 9 April 2025 subject to approval by the Annual General Meeting scheduled for 13 May 2025.

AX Real Estate plc rose by 1.8% to the €0.448 level across two trades totalling 1,500 shares. AX Real Estate is scheduled to publish the annual results for the FY2023/24 later today.

APS Bank plc fell by 1.6% to the €0.61 level over five deals amounting to 9,150 shares. The Board of Directors of APS is scheduled to meet on Thursday 13 March 2025 to consider the approval of the financial statements for the financial year ended 31 December 2024. They will also consider the declaration of a dividend, subject to regulatory approval.

Simonds Farsons Cisk plc shed 0.8% to a one-month low of €6.50 as 489 shares changed hands.

Meanwhile, International Hotel Investments plc closed unchanged at the €0.448 level on one trade of 5,000 shares. Today, IHI published an updated Financial Analysis Summary including forecasts for the financial year ended 31 December 2024 and projections the year ending 31 December 2025. During 2025, the Group anticipates disposing of the Corinthia Hotel Lisbon property and non-core businesses, resulting in a net cash inflow of €127.7 million. As such, IHI is recognising net gains from the sale of property and businesses of €55.1 million in its income statement projections for 2025. In FY2025, revenue is projected to fall by 0.8% to €299.8 million as the contributions from the new hotels in Brussels and Rome will be offset by the reduced revenue from the anticipated sale of the Corinthia Hotel Lisbon property, which however will be retained under the hotel management services of the Corinthia brand. Despite the projected reduction in revenue, EBITDA in FY2025 is anticipated to increase by 2.9% to €62.4 million resulting in a slight improvement in margin to 20.8% from 20.1% in the prior year.

Lombard Bank Malta plc held the €0.755 level on a single deal of 850 shares.

GO plc traded flat at the €2.70 level as 1,200 shares changed hands.

Harvest Technology plc closed unchanged at the €0.90 level after recovering from an intraday low of €0.775 (-16.1%) across three trades totalling 7,050 shares.

The RF MGS Index rose by 0.09% to a one-week high of 912.886 points as the January headline inflation figure for the euro area was confirmed at 2.7% as anticipated without any changes from the previous month. Furthermore, core inflation also remained unchanged at 2.7%.