APS reports lower Q1 profit amid one-off costs

The MSE Equity Price Index fell by 0.17% to 3,874.022 points as the declines in six equities outweighed the gain in IHI. Meanwhile, seven equities closed unchanged as today’s trading activity was muted at just under €100,000. Download today’s Equity Market Summary.

APS Bank plc closed unchanged at the €0.54 level across six deals amounting to 50,466 shares. Today, APS published its financial results for the first three months of 2025 in which the Group registered net interest income of €16.7 million, in line with the same period last year. The net operating income amounted to €18.6 million, which was marginally above last year’s comparable figure due to lower net impairment charges. Nonetheless, pre-tax profit fell to €2.88 million compared to €5.03 million in Q1 2024 reflecting one-off costs relating to the Depositor Compensation Scheme and advisory fees in connection with the bid for HSBC Bank Malta plc. In this respect, the Group also confirmed its exit from the bidding process but noted that it is actively looking at new strategic opportunities. The net asset value of APS as at the end of March 2025 stood at €0.783 per share.

Also in the banking sector, Bank of Valletta plc closed unchanged at the €2.06 level over fifteen trades totalling 21,757 shares. BOV shareholders as at close of trading on Friday 25 April will be entitled to a final net dividend of €0.0854 per share to be paid on 12 June 2025.

HSBC Bank Malta plc traded flat at the €1.46 level as 4,446 shares changed hands.

A single trade of 500 shares of Lombard Bank Malta plc left its share price unchanged at the €0.76 level. The Directors of Lombard are recommending a final net dividend per share of €0.0221 to all shareholders as at close of trading on 22 May 2025, subject to regulatory approval as well as shareholders’ approval during the upcoming Annual General Meeting scheduled to be held on 25 June 2025. The net dividend is double than that of the previous year and translates into a payout ratio of 30.2% (2023: 18.1%). The dividend will be paid on 10 July 2025.

GO plc held the €2.68 level on a single deal of 1,750 shares. The Directors of GO are recommending the payment of a final net dividend of €0.08 per share (2023: €0.05). The final net dividend is payable on 24 June 2025 to all shareholders as at the close of trading on 16 May 2025 subject to shareholders’ approval at the upcoming Annual General Meeting scheduled for 19 June 2025.

Malita Investments plc held the €0.48 level over five trades amounting to 35,100 shares. Malita is expected to publish its 2024 annual results on Monday 28 April.

The ordinary shares of RS2 plc closed unchanged at the €0.48 level over nine deals totalling 23,108 shares. Meanwhile, the preference shares of RS2 plc decreased by 1.7% to the €0.59 level albeit over trivial volumes. Yesterday, RS2 published its 2024 results which showed a 5.4% decline in revenue to €37.5 million as the lower revenue from licencing and processing outweighed the higher income from merchant solutions. Nonetheless, operating profit climbed nearly 50% to €2.54 million, largely impacted by the recognition of exchange gains compared to losses recognised in the previous financial year.

Mapfre Middlesea plc slumped by 4.0% to the €1.43 level on muted activity.

MIDI plc fell by 4.1% to the €0.236 level on two trades totalling 20,000 shares.

BMIT Technologies plc shed 0.6% to the €0.338 level over three deals amounting to 20,232 shares.

MedservRegis plc slumped by 4.0% to the €0.43 level on one trade of 4,000 shares. The Group generated revenues of €70 million, which were lower than the €73.9 million generated in the prior year, but higher than the forecasted figure of €64 million. EBITDA amounted to €16.1 million and the net profit attributable to shareholders amounted to €1.9 million. The Directors of Medserv are recommending the payment of a final net dividend of €0.0142 per share to all shareholders as at the close of trading on 9 May 2025 subject to shareholders’ approval at the upcoming Annual General Meeting scheduled for 29 May 2025. The final net dividend is expected to be paid on 30 June 2025.

Malta Internation Airport plc decreased by 0.8% to the €5.85 level albeit on negligible trading.

On the other hand, International Hotel Investments plc surged by 2.4% to the €0.43 level on one deal of 1,180 shares.

Today, VBL plc published its Annual Report and Financial Statements for the year ended 31 December 2024. Revenue surged by 25% to €4.07 million. Operating profit increased to €0.70 million compared to €0.22 million in the previous financial year. After accounting for a €2.56 million gain from the revaluation of investment property, €0.31 million in net finance costs as well as €0.46 million in income tax, VBL’s net profit amounted to €2.48 million. As at the end of 2024, the net asset value of VBL stood at €0.272 per share.

The RF MGS Index increased 0.02% to 918.145 points.  During an interview today, Finnish ECB Governing Council member Olli Rehn said that the ECB may need to lower rates further and can’t exclude a larger reduction of 50 basis points. He elaborated that inflation is close to reaching the ECB’s target of 2% and that significant risks to economic growth remain. Elsewhere, the ECB chief economist Philip Lane stated that the ECB is not considering bond repurchases or any other extraordinary measures as it still has room to cut interest rates.

 

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.