“MaltaPost plc: Pre-tax profits up 106% to €4.7 million in 2024…”

MaltaPost plc has announced a significant pre-tax profit of €4.7 million for 2024, representing a substantial 106% increase compared to the previous year. The national postal service, part of the Lombard Bank Group, described the financial year ending September 30th, 2024, as a successful period where most planned targets were met.

Recognizing the dynamic nature of the postal and logistics sectors both in Malta and internationally, MaltaPost plc continued to adapt by undertaking strategic investments, with a strong focus on improving its last-mile delivery network.

Furthermore, the company emphasized that maintaining high customer service standards remained a key priority, alongside the ongoing expansion of its insurance and document management divisions. MaltaPost continues to be a notable contributor to the financial results of its parent company, Lombard Bank plc, which also reported a significant 34 per cent profit increase for 2024, reaching €19.4 million. The company’s postal sales and other revenues saw an increase to €39.2 million from €38.7 million in 2023, primarily driven by growth in the volume of incoming items and adjustments to tariffs.

MaltaPost stated that its continued focus on increasing overall last-mile parcel deliveries played a crucial role in its successful year. Additional revenues were generated from areas such as document management, bill collection services, as well as financial and insurance offerings. It’s worth noting that in September 2007, the government divested 25% of its stake in MaltaPost to Lombard Bank plc, making the bank the majority shareholder with a 60% holding. Subsequently, the remaining 40% of shares were offered to the public in January 2008.

China appoints new trade negotiator as US tariff war continues.

As trade tensions between Beijing and Washington intensify, China has unexpectedly appointed Li Chenggang, a former assistant commerce minister, to the role of its new trade negotiator. He will be replacing Wang Shouwen, who was involved in the negotiations for the 2020 trade agreement between China and the United States.

This development occurs as the world’s two largest economies continue to increase tariffs on each other’s goods. Currently, China faces duties of 145% on its exports to the US, while a 90-day reprieve was granted to numerous other countries regarding so-called “reciprocal” levies. Earlier on Wednesday, China reported that its economy expanded by 5.4% year-on-year from January to March, a growth supported by strong export performance. However, analysts are forecasting a considerable slowdown in the coming months for the world’s second-largest economy as tariffs on US imports from China take effect.

Exports played a significant role in China’s 5% annual growth rate in 2024, and the official growth target for this year remains around 5%. In response to US tariffs, Beijing has imposed its own tariffs of 125% on American exports, while also emphasizing its commitment to maintaining open markets for both trade and investment.

Furthermore, as a countermeasure to US tariffs, China has also implemented increased export controls on rare earth elements, which are crucial materials used in high-tech products, aerospace manufacturing, and the defense sector.

Sheng Laiyun, a spokesperson for the National Bureau of Statistics, informed reporters that the tariffs will create short-term pressure on China’s economy but are not expected to stop its long-term growth. China did not explain its decision to change negotiators, but this move comes as Beijing seeks ways to thrive economically without the US market. One possibility is to depend more on its large domestic market of 1.4 billion consumers, along with increased trade with Europe and countries in the global south. Despite the continued weakness of China’s domestic consumption, it will still be hard to replace the US consumer base. The significant investment of many Chinese citizens’ savings in housing, which led to the country’s property crisis starting with Evergrande’s collapse in 2021, has reduced their appetite for spending.

Malta Company Announcements:

APS Bank plc

A Market Briefing will be held on Thursday, 24 April 2025 at 1500 hours CET, following the announcement and publication of the Bank’s and Group’s unaudited financial results for the 3-months ended 31 March 2025.

The event will be conducted online by the Bank’s management team, livestreamed and with interactive Q&A.

Mediterranean Investments Holding plc

The Board of Directors of Mediterranean Investments Holding p.l.c. announces that on 24 April 2025, it is due to consider and, if thought fit, approve, the Audited Financial Statements for the financial year ended 31 December 2024. 

Internatinal Hotel Investments plc

The Board of Directors of International Hotel Investments p.l.c. announces that on 29 April 2025, it is due to consider and, if deemed fit, approve, the Audited Financial Statements of the Company for the financial year ended 31 December 2024. 

Fimbank plc

FIMBank announces that its Annual General Meeting is being convened at The Westin Dragonara Resort, the Dragonara Point Ballroom, St. Julian’s, Malta on Tuesday, 13 May 2025 at 6.00 p.m.

Malita Investments plc

The Board of Directors of the Company announces that it is scheduled to meet on 28^th April 2025 to consider and if deemed appropriate, approve the Company’s Financial Statements for the year ended 31^st December 2024.

It is also expected that the Board of Directors will consider the payment of a final dividend during this meeting.

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