Malta Properties AGM highlights 2022 revenue increases

Malta Properties Company plc (MPC) has held its Annual General Meeting to review the Company’s performance in 2022, a year in which revenues increased by 16 percent. During the meeting shareholders also approved a proposed net dividend of €0.013 per share.

MPC Chairman, Mohamed Sharaf, said, “we firmly believe that the market is underpinned by strong financial liquidity and a resilient economy. At the same time, our Company is strongly positioned, given the quality of our tenants and the strength of our finances.”

The AGM was also addressed by MPC’s Chief Executive Officer, Mohsin Majid, and Chief Financial Officer, Daniela Zammit, who delivered more detailed presentations on the Company’s performance.

Mr Majid, said, “we have had a good year and remain optimistic about the future. In 2022, we saw a 16 percent increase in revenues and a 32 percent increase in operating profits. This financial performance was due to the successful completion of various projects. Top amongst these was the completion of our flagship property in Zejtun which we handed over to our tenant, GO plc in the last quarter of 2022. We are proud to have built this property to the highest standards.”

The AGM approved all resolutions presented during the meeting, including the Annual Report and Financial Statements for the year ended 31 December 2022, the payment of a Net Dividend of €0.013 per share, the appointment of Deloitte Audit Limited as Auditors and the Emoluments of Directors. There was no election for the Board of Directors given that the number of nominations matched the number of places vacant.