The MSE Equity Price Index fell by 0.26% to 3,910.013 points as the declines in eight equities outweighed the gains in another six equities. Meanwhile, four other equities closed unchanged as today’s trading activity in local equities amounted to €0.22 million.
AX Real Estate plc held the €0.448 level on a single deal of 4,453 shares. Following the close of trading yesterday, AX Real Estate published the results for the FY2023/24. Revenue surged by 65% to €19.4 million (FY2022/23: €11.8 million) driven by the first full year of income from the Group’s largest property, AX ODYCY Hotel, which had opened in May 2023. Furthermore, the AX Group’s other hotels have also exceeded expectations, outperforming their projected revenue and operating profits. Excluding the fair value movements of investment property, the Group’s operating profit increased by 74% to €18.4 million (FY2022/23: €10.6 million), which translates into an improved operating profit margin of 95% (FY2022/23: 90.1%). The pre-tax profit amounted to €11.3 million (FY2022/23: €4.58 million). AX Real Estate reported a net profit of €7.6 million compared to €0.4 million in the previous financial year. The Directors declared their intention to distribute a gross final dividend of €0.008424 per share. Total equity increased by 1.2% to €137.2 million which translates into a net asset value per share of €0.500.
HSBC Bank Malta plc traded flat at the €1.57 level as 10,000 shares. The Board of Directors is recommending a final net dividend of €0.078 per share to be paid on 20 May 2025 to all shareholders as at close of trading on 9 April 2025 subject to approval by the Annual General Meeting scheduled for 13 May 2025.
Also in the banking sector, Bank of Valletta plc closed unchanged at the €1.95 level over eleven trades amounting to 29,500 shares.
Simonds Farsons Cisk plc held the €6.50 level on two deals totalling 1,112 shares.
Meanwhile, GO plc fell by 0.7% to the €2.68 level on one deal of 1,310 shares.
International Hotel Investments plc slumped by 6.3% to the €0.42 level across three trades totalling 10,715 shares. Yesterday, IHI published an updated Financial Analysis Summary including forecasts for the financial year ended 31 December 2024 and projections the year ending 31 December 2025. During 2025, the Group anticipates disposing of the Corinthia Hotel Lisbon property and non-core businesses, resulting in a net cash inflow of €127.7 million. As such, IHI is recognising net gains from the sale of property and businesses of €55.1 million in its income statement projections for 2025. In FY2025, revenue is projected to fall by 0.8% to €299.8 million as the contributions from the new hotels in Brussels and Rome will be offset by the reduced revenue from the anticipated sale of the Corinthia Hotel Lisbon property, which however will be retained under the hotel management services of the Corinthia brand. Despite the projected reduction in revenue, EBITDA in FY2025 is anticipated to increase by 2.9% to €62.4 million resulting in a slight improvement in margin to 20.8% from 20.1% in the prior year.
Grand Harbour Marina plc moved 4.6% lower to the €1.03 level on one deal of 2,000 shares.
Malta International Airport plc decreased by 0.8% to the €6.15 level across nine deals amounting to 5,210 shares. Following the close of trading yesterday, MIA published the 2024 financial results. Revenue surged by 19% to a record of €142.9 million compared to the previous record of €120.2 million in 2023. MIA achieved a record operating profit of €72.3 million and a record net profit of €46.3 million, both 15% higher than the previous year. The Board of Directors is recommending a final net dividend of €0.12 per share to be paid by not later than Saturday 31 May 2025 to all shareholders as at the close of trading on Thursday 10 April 2025, subject to approval at the upcoming Annual General Meeting scheduled for Wednesday 14 May 2025. The proposed final dividend is unchanged from last year but when coupled with the higher net interim dividend per share of €0.06 paid in September 2024 (Sept 2023: €0.03), the total net dividend attributable to the 2024 financial year amounts to a record of €0.18 per share (2023: €0.15) which amounts to a payout ratio of 52.6% (2023: 50.4%).
MedservRegis plc slumped by 22.9% to an all-time low of €0.37, albeit on just one trade of 14,500 shares.
The ordinary shares of RS2 plc moved 1.7% lower to the €0.47 level on two deals amounting to 3,650 shares.
A single trade of 13,500 shares pulled the share price of M&Z plc 3.6% lower to the €0.54 level.
PG plc decreased by 1.1% to the €1.84 level on one deal of 3,563 shares.
On the other hand, BMIT Technologies plc surged by 9.4% to a two-week high of €0.35 over six trades amounting to 25,300 shares.
APS Bank plc rose by 4.9% to a two-year high of €0.64 over nine deals totalling 80,000 shares. The Board of Directors of APS is scheduled to meet on Thursday 13 March 2025 to consider the approval of the financial statements for the financial year ended 31 December 2024. They will also consider the declaration of a dividend, subject to regulatory approval.
Malta Properties Company plc climbed by 4.6% to the €0.362 level across two deals amounting to 7,800 shares.
Also in the property sector, Malita Investments plc advanced by 4.0% to the €0.52 level on two trades totalling 24,978 shares.
Mapfre Middlesea plc moved 2.9% higher to the €1.42 level on two deals amounting to 3,019 shares.
The Convenience Shop (Holding) plc increased by 3.3% to the €0.95 level over trivial volumes.
The RF MGS Index fell by 0.05% to 912.416 points. Data released today showed that the negotiated wage growth in the euro area slowed down to 4.12% in the last quarter of 2024 from the 31-year high of 5.43% in the previous quarter. Furthermore, a survey from the ECB indicated that firms in the euro area anticipate that wage growth will slow to 3.6% and 2.7% in 2025 and 2026 respectively. Bundesbank President Joacim Nagel stated that the ECB is anticipating that inflation is likely to fall to the ECB’s target rate of 2% by the end of the year. However, Nagel also cautioned against the elevated core inflation prices as well as resilient services inflation.
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.
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