APS posts record quarterly pre-tax profit of €9.8m

The MSE Equity Price Index fell by 0.10% to 3,959.0 points as the declines in Harvest, Quinco, Farsons, and GO outweighed the gains in BOV, BMIT, M&Z and HSBC. Meanwhile, six equities other closed unchanged as today’s total trading activity amounted to €0.41 million. Download today’s Equity Market Summary.

APS Bank plc closed unchanged at €0.53 across four trades amounting to 33,019 shares. Today, APS published a Quarterly Financial Update providing information about its performance in Q1 2026 when compared to the same period in 2025. Net interest income surged by 48% to €24.6 million driven by an increase in gross interest income and a sharp drop in interest expenses. Net fee and commission income rose by 11.1% to €2.81 million partially offsetting net losses on financial instruments of €0.6 million. APS also recorded a net impairment loss of €1.1 million, compared to €0.3 million in the corresponding period last year. Profit before tax amounted to €9.80 million and net profit stood at €5.85 million, which translates into an annualised return on average equity of 6.5%.

The Statement of Financial Position as at 31 March 2026, when compared to the position as at the end of 2025, shows that total assets increased by 1.5% (or €71 million) to €4.72 billion. Customer loans, including syndicated loans, grew by 3.3% to €3.66 billion and financial investments increased by 7.3% to €541 million while cash with the Central Bank of Malta decreased by 13% to €349 million. Total liabilities also grew by 1.6% (or €70 million) to €4.35 billion, largely driven by a 1.4% increase in customer deposits to €4.19 billion. Shareholders’ funds increased to €351.8 million, which translates into a net asset value of €0.724.

Grand Harbour Marina plc held the €1.01 level on muted activity.

Hili Properties plc traded flat at the €0.27 level as 288,400 shares changed hands. Earlier this week, Hili Properties plc published its 2025 results. Total revenue, inclusive of other operating income remained unchanged at €17 million. The net profit attributable to shareholders amounted to €6.60 million, which translates into a return on average equity of 5.4%. Shareholders’ funds increased by 5.6% to €126.9 million, which translates into a net asset value of €0.317 (2024: €0.300) per share. The Directors are recommending the payment of a final net dividend of €0.0052 per share on 29 May 2026 to all shareholders as at the close of trading on Wednesday 6 May 2026.

International Hotel Investments plc remained unchanged at the €0.50 level across two deals amounting to 600 shares.

MedservRegis plc held the €0.65 level on a single trade of 3,611 shares. Last Tuesday, MedservRegis published its 2025 annual report. Revenue surged to €104.6 million compared to €70 million in 2024 and ahead of the latest forecast of €84 million published at the time of the October 2025 bond issue. The company explained that the improved performance was principally driven by higher‑than‑anticipated activity at the Maltese shore base in support of offshore drilling operations in Libya and the commencement of the Misurata supply‑base management contract in the fourth quarter of 2025. EBITDA climbed to €22 million from €16.1 million in the previous year and the net profit to shareholders amounted to €5.18 million compared to €1.87 million in 2024. The Directors of MedservRegis are recommending the payment of a final net dividend of €0.014758 per share to all shareholders as at the close of trading on Wednesday 13 May 2026 subject to shareholders’ approval at the upcoming Annual General Meeting scheduled for 27 May 2026. The final net dividend is expected to be paid on 31 July 2026.

VBL plc closed unchanged at the €0.23 level on two trades totalling 26,000 shares. Yesterday, VBL published its Annual Financial Report and Consolidated Financial Statements for the year ended 31 December 2025. Revenue grew by 15% to €4.69 million, while EBITDA rose by 49% to €1.73 million. Profit for the year amounted to €1.57 million. Total equity stood at €69.1 million as at 31 December 2025 resulting in a net asset value of €0.278 per share.

Meanwhile, BMIT Technologies plc advanced by 7.1% to the €0.27 level albeit on a single deal of 200 shares.

M&Z plc gained 3.4% to the €0.60 level on three deals amounting to 14,400 shares. Yesterday, M&Z plc published its Annual Report and Financial Statements for the year ended 31 December 2025. Revenue grew by 6% to €31.6 million. Operating costs remained broadly stable at €26.7 million, allowing EBIT to surge by 41.0% to €4.90 million with the EBIT margin widening to 15.5% from 11.6% in the prior year. The net profit for the year amounted to €2.99 million, which is 47.6% higher than the previous year and translates into a return on equity of 31.4% (2024: 23.8%).

HSBC Bank Malta plc edged up 1.4% to €1.44 across five trades totalling 9,511 shares. Today, HSBC announced that its Board of Directors is scheduled to meet on Monday 4 May 2026 to consider the approval of the financial statements for the three-month period ending 31 March 2026. The Directors will also consider the declaration of an interim dividend.

Bank of Valletta plc rose by 0.5% to €2.10 on six deals amounting to 102,745 shares. Yesterday, BOV issued a quarterly update providing information about its performance in Q1 2026 when compared to the same period in 2025. Net interest income grew by 8.3% to €100.2 million driven by sustained growth in customer lending and treasury management. Net fee and commission income remained broadly stable, edging up 1.1% to €20.2 million. Overall, BOV recorded a profit before tax of €54.0 million, which is 19.5% lower than the €67.1 million in the first three months of 2025. The net profit for the period amounted to €35.8 million, which translates into an annualised return on average equity of 14.2% (Q1 2025: 17.9%). Total equity increased to €1.53 billion, which translates into a net asset value per share of €2.388.

On the other hand, Harvest Technologies plc slumped by 16.1% to €0.94 level on two trades totalling 12,850 shares.

Quinco Holdings plc slumped by 9.9% to a new low of €0.725 on a single deal of 148 shares.

Simonds Farsons Cisk plc fell by 7.0% to €5.35 level across four trades amounting to 6,648 shares.

GO plc eased by 0.8% to the €2.52 level on six deals totalling 9,194 shares.

The RF MGS Index fell by 0.26% to 888.019 points. The European Central Bank held its deposit facility rate steady at 2.00% for the seventh second consecutive meeting.  The decision came against a backdrop of accelerating price pressures, with inflation in April climbing to 3% in line with expectations and the highest since September 2023. Meanwhile, the euro area GDP expanded by just 0.1% in Q1 2026, compared to the 0.2% which was anticipated. Elsewhere, in the US the Federal Reserve kept the federal funds rate unchanged at 3.50% to 3.75% for the third consecutive meeting, also in line with expectations. The Federal Reserve noted that the geopolitical situation in the Middle East is contributing to the uncertainty of the policy outlook.

 

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.