Farsons reports higher interim profits, increases dividend

The MSE Equity Price Index extended yesterday’s losses as it shed 0.71% to a two-week low of 3,762.900 points. The declines in seven equities outweighed the gains in Hili Properties, MaltaPost, and Plaza. Meanwhile, BOV and Trident Estates closed unchanged as today’s total trading value in local equities amounted to just below €0.10 million. Download today’s Equity Market Summary.

Simonds Farsons Cisk plc shed 4.4% to the €6.50 level across two deals totalling 812 shares. Following the close of trading, Farsons published the interim results for the six-month period ended on 31 July 2024. Revenue increased by 7% to a record at interim stage of just under €70 million. Operating profit surged by 15.8% to €10.1 million reflecting an improvement in margins across both the food and beverage business lines. The net profits for the period reached a record of €8.83 million. The Board of Directors resolved to distribute a net interim dividend of €0.06 per share, which is 20% higher than last year’s interim dividend. The dividend will be paid on Wednesday 16 October 2024 to shareholders as at close of trading on Monday 30 September 2024.

PG plc shed 2.1% to the €1.88 level as 12,728 shares changed hands.

Also among the large companies by market value, Malta International Airport plc eased by 0.8% to the €5.95 level across 3,493 shares.

International Hotel Investments plc slid by 0.9% to the €0.42 level as 15,225 shares changed hands.

GO plc fell by 3.4% to the €2.80 level across five deals totalling 5,054 shares.

APS Bank plc (-0.9%) and BMIT Technologies plc (-0.6%) also moved lower to the €0.54 and €0.344 levels respectively on muted volumes.

Elsewhere, MaltaPost plc climbed 0.4% to the €0.48 level on a single trade of 3,545 shares.

In the property sector, Hili Properties plc (+1.9%) and Plaza Centres plc (+3.4%) trended higher to the €0.22 and €0.60 levels respectively albeit on trivial volumes.

Trident Estates plc remained at the €1.12 level on one deal of 1,500 shares.

Bank of Valletta plc held the €1.69 level on a single trade of 4,000 shares.

VBL plc announced that it has submitted an application for €10 million 5.2% secured bonds and stated that further details will be published when the necessary approvals are obtained.

The RF MGS Index gained a further 0.25% to 916.932 points. Further indications of the downtrend in inflation across the euro area continued to emerge, with Spain’s producer priced dropping by a further 1.3% year-on-year in August. Meanwhile, the consumer morale in France was reported to have reached the highest level in over two years. In the US, mortgage applications rose as the interest rates of fixed-rate mortgages declined for the eighth consecutive week.

 

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.