Trident posts record operating profit of €4.1 million
Following last week's article detailing the performance of the S&P 500 index in 2025, it is worth devoting time to review the developments across the European equity markers in my last article of the year.
The MSE Equity Price Index advanced by 0.2% to 3,945.6 points as the gains Trident and Main Street outweighed the decline in BMIT. Meanwhile, five other equities closed unchanged but total trading activity was trivial at under €40,000. Download today’s Equity Market Summary.
Trident Estates plc surged by 20.5% to the €1.35 level on two trades totalling 450 shares, however, the volume-weighted price stood at €1.163 (+3.8%). Today, Trident published its results for the year ended 31 January 2026. Revenues increased by 9.7% to €6.06 million primarily driven by the increasing occupancy at Trident Park which stood at 86%. Operating profit rose by 10.5% to a record €4.10 million. The financial performance was significantly boosted by €6.27 million in fair value gains, largely reflecting the uplift on Trident House in Marsa, following the signing of a promise of sale agreement at a selling value of €29.3 million, with the final deed expected to be signed by no later than May 2028. Overall, Trident generated a profit before tax of €9.05 million (FY2024/25: €4.38 million). Excluding fair value gains, pre-tax profit rose by 17.0% to €2.8 million compared to €2.4 million last year. The net profit amounted to €7.44 million (FY2024/25: €3.27 million). Total equity increased by 10.8% (or €6.9 million) to €71.0 million, which translates into a net asset value per share of €1.690 (31 January 2025: €1.525).
Main Street Complex plc advanced by 2.2% to the €0.19 level across two trades totalling 1,406 shares.
On the other hand, BMIT Technologies plc slipped by 0.8% to the €0.262 level on a single deal of 2,973 shares.
Meanwhile, APS Bank plc closed unchanged at the €0.57 level across eleven trades totalling 30,275 shares.
Also in the banking sector, Bank of Valletta plc held the €2.00 level across three trades totalling 8,145 shares.
International Hotel Investments plc closed unchanged at the €0.50 level across three trades totalling 230 shares.
Mapfre Middlesea plc retained the €1.50 level over trivial volumes.
Simonds Farsons Cisk plc closed unchanged at the €6.20 level across two trades totalling 650 shares. Yesterday, Farsons published its results for the year ended 31 January 2026. Revenue from the beverage businesses grew by 4.6% to €106.5 million, continuing the positive trajectory recorded in recent years. Operating profit increased by 7.5% to €16.8 million from €15.6 million in the prior year, and the operating profit margin improved to 15.8% compared to the previous 15.3%. The improvement was largely driven from a net impairment reversal of €1.1 million compared to a net impairment charge of €0.4 million in the previous year. Excluding depreciation and amortisation charges, EBITDA of the beverage businesses stood at €24.3 million, which is 5.8% higher than the previous year. Farsons reported a net profit from continuing operations of €15.0 million, which is lower than the comparable figure of €16.9 million recognised in the previous year which was boosted by higher level of tax credits.
The Directors of Farsons resolved to recommend the distribution out of tax-exempt profits of a final net dividend of €0.145 (FY2024/25: €0.14) per share. The dividend will be paid on 25 June 2026 to shareholders as at the close of trading on Friday 29 May 2026, subject to approval at the upcoming AGM to be held on Wednesday 24 June 2026. When including the net interim dividend of €0.065 per share paid in October 2025, the total net cash dividend attributable to FY2025/26 amounts to €0.21 per share, which is 5% higher than the €0.20 per share attributable to the prior year.
The RF MGS Index decreased by 0.25% to 894.493 points. Data released today showed that PCE inflation which is the Fed’s preferred inflation gauge rose by 0.4% month over month in April, below the 0.5% forecast. Meanwhile, on an annual basis headline PCE accelerated for a second consecutive month to 3.8% which is the highest level since May 2023. Meanwhile core PCE edged up to 3.3%, which is also the highest since late 2023. Other data showed that the US economy expanded at an annualised rate of 1.6% in Q1 2026, revised lower from the previous 2.0% estimate, as consumer spending and investment were both trimmed lower.
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This article was produced by Edward Rizzo, Director at Rizzo Farrugia, which 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. The company’s registered address is at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.
The article contains public information only and is published solely for informational purposes. It should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in this article. Rizzo, Farrugia & Co. (Stockbrokers) Ltd (“Rizzo Farrugia”) is under no obligation to update or keep current the information contained herein. Since the buying and selling of securities by any person is dependent on that person’s financial situation and an assessment of the suitability and appropriateness of the proposed transaction, no person should act upon any recommendation in this article without first obtaining investment advice. Rizzo Farrugia, its directors, the author of this article, other employees or clients may have or have had interests in the securities referred to herein and may at any time make purchases and/or sales in them as principal or agent. Furthermore, Rizzo Farrugia may have or have had a relationship with or may provide or has provided other services of a corporate nature to companies herein mentioned. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security mentioned in this article. Neither Rizzo Farrugia, nor any of its directors or employees accepts any liability for any loss or damage arising out of the use of all or any part of this article. Additional information can be made available upon request from Rizzo, Farrugia & Co. (Stockbrokers) Ltd., Airways House, Fourth Floor, High Street, Sliema SLM 1551. Telephone: +356 2258 3000; Email: info@rizzofarrugia.com; Website: www.rizzofarrugia.com © 2021 Rizzo, Farrugia & Co. (Stockbrokers) Ltd. All rights reserved. This article may not be reproduced or redistributed, in whole or in part, without the written permission of Rizzo Farrugia. Moreover, Rizzo Farrugia accepts no liability whatsoever for the actions of third parties in this respect.
This article was produced by Edward Rizzo, Director at Rizzo Farrugia, which 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. The company’s registered address is at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.