Saturday 02 July 2022

MALTA PROPERTIES AGM HIGHLIGHTS 2021 REVENUE INCREASES

(from left) Mohsin Majid – MPC CEO, Francis Galea Salomone – Company Secretary, Daniela Zammit  – CFO and Cory Greenland – Company Director

Malta Properties Company plc (MPC) has held its Annual General Meeting to review the Company’s performance in 2021, a year in which revenues increased by 6 per cent to reach €3.64 million. During the meeting shareholders also approved a proposed net dividend of €0.012 per share.

MPC Chairman, Mohamed Sharaf, said, “MPC continues to be optimistic about the future and we will continue to invest in those properties that provide a good fit for our company. The recent completion of acquisition of the Mediterranean Building in Ta’ Xbiex very tangibly highlights this. With a strong client base, strong team and strong financial position, we shall not falter from keeping our shareholders’ best interest at heart and delivering sustainable growth.”

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. This included updates on the Company’s key sites in Zejtun, which will soon be handed over to tenants, in Swatar where the HSBC Global Services contact centre is housed and in Marsa, where a significant redevelopment project is now underway.

Mr Majid, said, “Net Asset Value has risen from 0.36 Eurocents per share in 2016 to 0.56 Eurocents in 2021, driven by the repurposing, recycling and disposal of properties within our portfolio. Alongside growth, another dimension we are thinking hard about is our value proposition. The office rental market is changing, and we believe in a more holistic product. We are listening to our tenants and seek to understand how to serve them better. We believe that this strategy will continue to drive revenues higher which, given that a large part of our cost base is fixed, should lead to increases in our profits.” 

The AGM approved all resolutions presented during the meeting including the Annual Report and Financial Statements for the year ended 31 December 2021, the payment of a Net Dividend of €0.012 per share, the re-appointment of PricewaterhouseCoopers 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 available. 

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