If there was one thing we missed during the pandemic, it was shopping. True, online shopping is a good alternative, with the added benefit of being able to browse, choose and pay from the comfort of your own sofa at home. But it’s not the real thing – and it cannot substitute the pleasure of walking into a shop, trying on new things for your new wardrobe, and then, when the bags are all packed and done, stopping for a chat and a coffee or a spot of lunch while enjoying a bit of people watching.
With the pandemic relegated to the end of the news, and restrictions lifted, people can enjoy their in-person shopping once again. They are grateful for that – and it shows, as reflected in Tigné Mall recently-published financials for 2022.
Malta’s premier shopping destination showed that thanks to uninterrupted operations – unlike the previous two years – a consumer demand that gained momentum, and recovering incoming tourism numbers, it performed very well last year.
In its bid to maintain its status as the island’s top shopping experience, The Point Shopping Mall last year also celebrated the arrival of two key new tenants: SPAR and Mavenry.
SPAR replaced the Chain food store after a period of upgrading and refurbishment. The Dutch franchise has been well received by the customer base at The Point, and its performance has been encouraging.
Mavenry now occupies the space previously taken up by Debenhams, the British retail giant which anchored the business in its early stages. It is a new concept for the centre, marking its debut into the premium-to-luxury segment of the retail market.
Tigné Mall plc's vision is for The Point to remain the best shopping mall destination in Malta, offering an optimal customer experience to visitors and sustainable returns to shareholders. The company continues to embrace a business strategy based on providing a compelling retail destination, developing and maintaining strong relationships with tenants, housing an iconic mix of brands, delivering long-term, sustainable growth in net rental income, and generating returns for shareholders.
Tigné Mall plc is also investing a lot in its Environment, Social, and Corporate Governance obligations. The company believes it has a duty to ensure positive impact and growth for its stakeholders, including the community within which it operates, its tenants, its own people, as well as its business. The company has already embarked on its journey to reduce its carbon footprint and taken various initiatives to reduce energy consumption across its operations. Furthermore, it’s in the process of developing a comprehensive strategy for its operations to be compliant with ESG requirements.
The trading performance of Tigné Mall plc during 2022 saw revenues amounting to €8.2 million, an increase of 22% over the previous year. Operating profits increased to €5.2 million (2021: €4.2 million), and earnings before interest, tax, and depreciation increased to €7.3 million (2021: €6.1 million). Profits after tax are of €3.8 million, compared to €2.8 million in the previous year.
The company also announced its dividend payouts for the year. During the year, a net interim dividend of €750,000 was paid to shareholders, compared to €378,929 in the previous year. Additionally, a final net dividend of €750,000 was distributed to shareholders, compared to no dividend payment in the previous year. Following the end of the reporting period, the directors have recommended the payment of a final net dividend of €765,000, which amounts to 1.36 Euro cents per share, in relation to the 2022 financial results.
The audited financial statements for 2022 were approved by the Board of Directors during a meeting held on April 17 – the statements will be submitted to shareholders for approval at the forthcoming Annual General Meeting, scheduled for June 22.