Malita Investments plc registers a pre-tax profit of €2.55 million for the year ended 31 December 2012

The Board of Directors of Malita Investments plc, during a presentation to stockbrokers, announced a pre-tax profit of €2,550,338 (June to December 2011: €134,319) for the year ended 31 December 2012. The financial results achieved by the company over the period under review were in line with the projections as published in the company’s prospectus that was issued in relation to its Initial Public Offering in July 2012.

The company’s revenues were mainly derived from ground rents received from MIA and VCP its emphyteuta which amounted to €1,451,379 (June to December 2011: €115,029) while fair value movements over the period amounted to €1,171,457.

During the year under review, the total assets of the company increased from €97.2m to €147.2m, primarily as a result of the emphyteutical deed entered into with government of Malta for the Parliament Building and Open Air Theatre and the transfer of the dominium directum of Malta International Airport (MIA) and Valletta Cruise Port (VCP). These transactions were financed by an issue of €44m Ordinary ‘A’ Shares to the Government of Malta, the Initial Public Offering of €15m Ordinary ‘B’ Shares and a financing agreement of €40m with the European Investment Bank.

The forthcoming Annual General Meeting of the company is scheduled to be held on 10 April. During this meeting, the Board of Directors will, inter-alia, be recommending for the shareholders’ approval, the payment of a final gross dividend to the Ordinary ‘B’ shareholders, amounting to €727,808 or €0.0243 per share. This equates to a final net dividend of €473,075 or €0.0158 per share. If approved by the shareholders, the final net dividend will be paid on 12 April to all shareholders on the company’s share register at close of trading on the Malta Stock Exchange on 11 March.