MSE Index by 17.8%

which are in excess of the minimum regulatory requirements. There was no exposure held in foreign government or corporate bonds.

Grand Harbour Marina plc (GHM) shares registered the best

performance, having advanced by 36.4 per cent, as six deals of 59,298 shares were negotiated, closing €0.20 higher at €0.75.

In the beginning of April, GHM announced that due to the measures introduced by the Government of Malta and severe travel restrictions, the Pontoon and Superyacht visitors’ sector is expected to be impacted significantly. The company has forecasted a worst-case scenario, that of no income from the sector previously mentioned for the next six months, including September 2020. In this case, the company would still have sufficient resources to meet all its payments obligations – including salaries and annual bond interest payment. The company would also be able to fully redeem its current €15 million bond, maturing in 2027.

The investments and insurance services provider plc, recorded a 6.5 per cent increase in its share price, partially erasing February’s loss of 28 per cent. The equity was active on one transaction of 2,500 shares, to close at €0.23.

In the same sector, Mapfre Middlesea plc shares edged 3.4 per cent over 42 trades of 114,599 shares, closing €0.08 lower at €2.26. The company announced the approval of the audited financial statements for the financial year ended December 31, 2019. These are to be submitted for approval of the shareholders at the next AGM, which shall be held on April 24, 2020. During the AGM, the board will be recommending the payment of a final gross dividend of €0.16745 per share. If approved, this will be paid on May 22, 2020 to all shareholders listed on the company’s register as at May 6, 2020.

The company’s profit before tax more than doubled to €23.82 from the previous year’s figure. On a sim

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ilar note, a 6.7 per cent increase in turnover from 2018 was registered, as it stood at €74.38 million. The company maintained a strong balance sheet, as its shareholders’ equity stood at €72.8 million. This reflects the company’s strong regulatory solvency position for the year ended December 31, 2019 under the Solvency II regime.

Santumas Shareholdings plc

shares decreased by 9.3 per cent, over two transactions of 3,800 shares, closing at €1.36.

The telecommunication services provider GO plc, registered a €0.34 loss in its share price, to close eight per cent lower at €3.90. The equity was executed across 42 deals of 149,909 shares. GO approved the preliminary statements of annual results for the financial year ended December 31, 2019. During the AGM, which shall be held on June 2, 2020, a final net dividend of €0.14 per share will be recommended. This payment sums up to a total net dividend of €14.2 million, which will be paid on June 4, 2020 to all shareholders on the register as at April 30, 2020.

The company registered a 3.5 per cent increase in revenue from 2018, as it stood close to €177.8 million. Higher costs were incurred to provide a better service, which resulted into a decline in operating profits of 21.8 per cent to €25.8 million.

Group earnings before interest, tax, depreciation and amortisation (EBITDA) was up by 5.3 per cent to €73.2 million from the previous year. When taking into account the effect of IFRS 16, the adjusted EBTIDA reduced by 4.2 per cent to €66.6 million. At company level, the adjusted EBITDA would amount to €43.5 million, translating into a 7.3 per cent decline. This downward trend is expected to be reversed in the near future as the company reaps the benefit of the investment in the sports package.

A 28 per cent decline in profits before tax was recorded from the previous year, as it stood at €22.8 million. One of the main drags was the adoption of the IFRS 16, as it reflects a €1.2 million decline. Meanwhile, the gain on sale of 49 per cent share in BMIT Technologies plc (BMIT) left a positive impact on profit before tax.

Group’s current assets increased by 5.6 per cent to €57.4 million, which is mainly made up of trade and other receivables (€36.5 million), inventories (€6.1 million) and cash (€13.2 million). Similarly, total liabilities were also up by 33 per cent to €202.2 million from the previous year’s figure.

Meanwhile, BMIT shares declined by €0.062 or 11.5 per cent over 108 deals of 1.4 million shares, closing at €0.478. BMIT announced its annual report and financial statements for the financial year ended December 31, 2019. These shall be submitted for shareholders’ approval at the forthcoming AGM on June 1, 2020. A final dividend payment of €0.02157 net of tax per share shall be recommended, to be paid on June 4, 2020 to all shareholders on the register as at April 29, 2020. This resulted into a net dividend payment of €4,391,000.

The group registered a positive performance in 2019 as revenues were up by 4.8 per cent from 2018 to €22.4 million. Profit before tax amounted to €7.2 million, translating into a 2.9 per cent increase from the previous year’s figure. This resulted into earnings per share of €0.02 versus €0.04 for 2018. The group’s earnings before interest, tax, depreciation and amortisation amounted to €10 million.

Current assets amounted to €8.5 million versus €3.2 million recorded in the previous year. This is mainly made up of trade and other receivables, as well as cash and cash equivalents. Total liabilities were also up to €11.8 million from €6.7 million registered in 2018. This was mostly due to the implementation of IFRS 16 and the recognition of lease liabilities.

MaltaPost plc

shares fell by 14.1 per cent, as 79,472 shares changed ownership over 14 transactions, closing at €1.10.

The supermarkets and retail owner PG plc, recorded a 13.3 per cent loss in its share price, as 57 trades were negotiated across 567,527 shares, to close €0.26 lower at €1.70.

The oil and gas logistics services operator Medserv plc, registered a loss in its share price for the fifth consecutive month, registering a 6.8 per cent decline in March. Activity in this equity amounted to a minimal €7.9k, and was spread across five deals of 7,900 shares, closing at €0.96.

In light of the Covid-19 crisis, Medserv announced the deployment of its business continuity plan to safeguard the well-being of its employees. The company’s business is still operating without interruption as it has carried out a risk assessment for the continuity of its operations in all countries.

Medserv announced that one of its subsidiaries, Medserv Operations Limited, signed a long-term agreement with Air Liquide’s subsidiary – ALOS, to install and operate a compressed gases filling plant at the company’s base in the Malta Freeport, subject to required approvals. If approved, this transaction will commence, and provide diving and welding gases to the Mediterranean offshore industry.

RS2 Software plc shares shed €0.56 off its share price, closing March 22.6 per cent lower at €1.92. The I.T. services provider’s shares were negotiated across 151 trades of 774,814 shares.

Malta Properties Company plc shares declined by 25.4 per cent, over 28 deals of 154,189 shares, closing at €0.50. The company reported that in the light of the current Covid19 situation, it shall be postponing its AGM to a future date when the situation is stable. The board decided to proceed with the payment of the dividend, which will be paid on June 1, 2020 to all listed shareholders as at April 28, 2020. Shareholders’ confirmation of this decision will be given at the AGM.

Meanwhile, Trident Estates plc shares decreased by 18.5 per cent, as 19 deals of 44,767 shares were concluded, to close €0.29 lower at €1.28.

Malita Investments plc

shares fell by 12.4 per cent, as 193,425 shares changed ownership across 28 transactions, to close at €0.78. Malita announced the financial statements for the year ended December 31, 2019. These shall be submitted for the approval of the shareholders at the next AGM, to be held on May 6, 2020. The board agreed to recommend a final gross dividend of €0.0350 per share, translating into a final net dividend of €0.02711 per share. This consists of the interim net dividend paid on August 7, 2019 of €0.00858 per share and an additional net dividend of €0.01853 per share. Should the additional dividend be approved, all shareholders listed on the register of the company as at April 6, 2020 shall be paid on May 12, 2020.

The company has a low working capital ratio, in line with the previous year at 0.1:1. In 2019, the company had a positive bank balance versus an overdrawn bank balance in the previous year. This was due to the short-term financing for the Affordable Housing project which increased the total current liabilities for 2019. Capital expenditure for the aforementioned project continued in 2019.

Profit before tax increased considerably from €13.7 million registered in 2018 to €41.3 million as at December 31, 2019. Similarly, earnings per share were up to 25.08 from 7.88. Revenue was also up by almost 0.7 per cent to €8.07 million from the previous year’s figure.

MIDI plc shares recorded a 20.8 per cent loss, as eight transactions of 39,300 shares were executed, closing €0.10 lower at €0.38. MIDI announced that the results for the year ended December 2019, to be considered by the board on April 25, 2020, are not impacted by the Covid-19 pandemic.

However, the 2020 results are expected to be negatively impacted on the sale of the residential units which the company holds as stock. Both the Manoel Island Masterplan appeal process and the Q3 residential block full development application process have been halted until further notice. This will therefore delay the start of any development works for both projects.

Tigne Mall plc shares fell by 17.1 per cent, over three trades of 8,899 shares, closing at €0.73. Meanwhile, Plaza Centres plc shares edged 8.7 per cent, as 12 transactions of 39,855 shares were executed, to close at €0.94.

In the same sector, Main Street Complex plc shares declined by 12.6 per cent, across eight deals of 59,057 shares, closing at €0.498.

The food and beverage supplier Simonds Farsons Cisk plc, registered a 15.1 per cent loss in its share price, to close €1.65 lower at €9.25. The equity was active on 10 trades of 7,050 shares.

In the corporate bond market, 61 issues were active of which 57 declined and three gained ground, amounting to a turnover of €13.4 million. The negative performance is in line with the global bond market as the coronavirus pandemic continues to keep investors concerned.

The 6% AX Investments plc € 2024 headed the list of losers, having declined by 11.4 per cent, to close at €101.50. On a positive note, the 4.5% Medserv plc Unsecured € 2026 registered the best performance, having advanced by one per cent over four trades worth €79k, closing at €100.

Meanwhile, the 3.5% BOV €

and the 4%

Notes 2030 S2 T1

MeDirect Bank Malta plc Subordinated Unsecured Bonds GBP 2024-2029 both increased

by 0.2 per cent, to close at €100 and €100.20 respectively.

In the sovereign debt market, turnover totalled to €16 million. Activity was spread across 21 issues, of which 18 fell and three advanced. The 2.1% MGS 2039 (I) was the most liquid issue, and registered the best performance, having witnessed a turnover of €3.5 million, closing 2.1 per cent higher at €128.

The ECB announced that it will deploy €750 billion to buy securities to keep the European economy strong. The ECB announced flexibility in most of the bond-buying limit – that of buying no more than a third of any country’s eligible bonds. Meanwhile, the G20 leaders of major economies have agreed to inject over $5 trillion into the global economy to help minimize unemployment from businesses across the world.