Multiple companies publish their interim results

 

The MSE Equity Price Index fell by 1.1% to a one-week low of 3,818.157 points driven as the declines in eight equities. Meanwhile, FIMBank and Malita ended the session higher and two other equities closed unchanged. Trading activity in local equities amounted to €0.16 million. Download today’s Equity Market Summary.

The ordinary shares of RS2 plc fell by 8.4% to a multi-year low of €0.60 across five trades amounting to 21,085 shares. The preference shares of RS2 slumped by 19.9% to an all-time low of €0.605 on one trade of 5,000 shares. Yesterday evening, RS2 published its interim financial statements for the six-month period ended 30 June 2024. Revenues increased by 8.4% to €19.1 million while operating costs (net of other income) dropped by 2.8% to €19.2 million. RS2 recorded a pre-tax loss of €0.29 million compared to the loss of €2.25 million in the same period last year. In their commentary, the Directors referred to the major processing outsourcing agreement with one of the largest acquirers in the US, which was announced in January 2024. The Board explained that due to circumstances outside of the Group’s control, this project is currently on hold by the client. The Directors reported that they have no visibility on whether the project may re-start as the decision rests entirely within the client’s discretion. Nonetheless, the Group has not experienced any credit losses from this project and has received all payments for works carried out.

Hili Properties plc plummeted by 7.8% to a three-week low of €0.190 on a single trade of 30,000 shares. Yesterday evening, Hili Properties published its interim financial statements for the six-month period ended 30 June 2024. Revenues remained virtually unchanged at €7.61 million while operating expenses (net of other income) dropped by 11.5% to €1.69 million. However, the financial performance was negatively impacted by €0.14 million in investment losses. Furthermore, net finance costs increased by 9.8% to €3.20 million. Profit before tax amounted to €2.55 million compared to €2.73 million in the same period last year. The net profit for the period attributable to shareholders of Hili Properties amounted to €1.67 million. In the first six months of the year, shareholders’ funds increased by 1.6% (or €2.0 million) to €129.2 million.

A single trade of 2,000 shares pulled the share price of Tigné Mall plc 4.0% lower to the €0.95 level.

Bank of Valletta plc shed 0.6% to the €1.69 level across nine trades amounting to 40,108 shares.

Also in the banking sector, APS Bank plc moved 0.4% lower to the €0.492 level over three deals totalling 7,746 shares.

Malta International Airport plc decreased by 2.5% to the €5.95 level, after partially recovering from an intraday low of €5.70 (-6.6%) across eight trades amounting to 6,297 shares

GO plc slumped by 4.1% to a nine-month low of €2.80 as 3,700 shares changed hands.

On the other hand, FIMBank plc gained 0.5% to the USD0.189 level on two deals amounting to 16,000 shares. Today, FIMBank published its interim results showing profit before tax in the first half of 2024 of €4.02 million compared to €6.01 million during the corresponding period last year. As at 30 June 2024, FIMBank’s net asset value per share stood at USD0.343.

Malita Investments plc increased by 0.8% to the €0.50 level over three trades totalling 13,950 shares. Yesterday evening, Malita published its interim financial statements for the six-month period ended 30 June 2024. Revenues grew by 5.1% to €4.92 million which filtered through a 4.4% increase in operating profit to €4.32 million. Meanwhile, the financial performance of Malita was dented by a fair value decrease of investment property of €8.69 million in contrast to a positive movement of €7.30 million recorded in the first half of 2023. The net loss for the period under review amounted to €3.62 million compared to a profit of €10.4 million in the first half of 2023. As at 30 June 2024, the net asset value per share stood at €0.908. The Directors declared a net interim dividend of €0.0086 per share, virtually unchanged from the previous year but reflects a higher payment in absolute terms in view of the additional shares subscribed through the Rights Issue. The dividend is payable on Wednesday 2 October 2024 to all shareholders as at the close of trading on Monday 9 September 2024.

Meanwhile, Malta Properties Company plc held the €0.34 on one deal of 9,673 shares.

Simonds Farsons Cisk plc closed unchanged at the €6.85 level over trivial volumes.

The RF MGS Index fell for the third consecutive session, decreasing by a further 0.04% to 904.373 points. Preliminary estimates released today showed that inflation in Germany during August is anticipated to fall to 2.0% (the lowest level since March 2021), compared to 2.6% in July and less than the previous projection of 2.3%. Elsewhere in the US, GDP grew by an annualised rate of 3% during the second quarter of the year, revised upwards from previous expectations of 2.8% driven by increases in consumer spending as well as private investment which outweighed the negative impact of a rise in imports.

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