“MedservRegis Group: EBITDA a staggering increase of 53.5% to €17.5 million…”

MedservRegis Group reported €17.5 million in earnings before interest, tax, depreciation and amortisation (EBITDA) in 2023, a staggering increase of 53.5% over 2022 (€11.4 million).

These results were published in MedservRegis Group’s Annual Report for the financial year ended 31st December 2023.

The Group’s total revenue for the year amounted to €73.9 million (2022: €66.9 million), representing an increase of 10% over the previous year and 16% over the forecast. This increase is mainly attributable to the additional project secured in Morocco (drilling campaign offshore) as well as improved performance within the OCTG segment in the Middle East (particularly,but not limited to Iraq). This increase in activity drives the variances in the other related profit and loss line items such as the gross profit and the results from operating activities.

Adjusted earnings before interest, tax, depreciation and amortisation (Adjusted EBITDA) amounted to €17.5 million, surpassing 2022 Group’s Adjusted EBITDA by 53% (2022: €11.4 million) and the Group’s forecast by 21%.

The increase in the net finance cost compared to 2022 and the forecast is largely due to the Group’s foreign exchange exposure to the different currencies.

The Group registered a profit for the year ended 31 December 2023 of €1.3 million (2022: €0.5million, +137%), compared to the forecasted profit of €0.9 million.

In his opening statement, Chairman Anthony S. Diacono said that the “strong belief” in MedservRegis Group’s vision and “stronger execution of the plans put in place” characterised 2023.

“Next year, our group shall be celebrating its 50th anniversary. It is a well-known fact that to forecast the future, one must look at the past too. The resilience shown by the group, despite many international and natural challenges it had to face is a testament to the strong goodwill developed by our company in the industry over the years. It also validates the sound long-term strategic decisions adopted,” he continued.

He noted that it is “unbelievable” that it is only two years since the merger took place. He noted that the financial results, together with the opportunities that lay ahead stand as an indicator of the “successful merger” of the two groups, “creating an exciting and strong future.”

CEO David S. O’Connor remarked that the group achieved “promising and positive” results during 2023, noting that it has made “significant strides” towards solidifying its foundation and enhancing its capabilities.

He added that the group has now expanded to being present in 14 different locations.

Strong momentum drives a 48% increase in HSBC Malta’s first quarter results

HSBC Bank Malta p.l.c. continued to report strong profits with reported profit before tax for Q1 2024 of €39.3m, an increase of 48% over the €26.5m profit reported in the same period last year.

The higher interest rate environment was the biggest contributor to the increase in profits. Good progress was reported on the non-interest income while lower Expected Credit Losses (ECL) recoveries were registered. 

“Revenue was up €14.6m or 29% when compared to Q1 2023. This was mainly driven by higher net interest income earned on the placement of excess liquidity due to the higher interest rate environment,” the bank said. The bank additionally registered higher business volumes resulting in an increase in net fee income, foreign exchange and insurance income. 

The bank recorded an improvement in the credit quality of its loan book, resulting in a release of ECL of €1.8m in Q1 2024 compared to a release of €3.7m in Q1 2023. The Q1 2024 release reflected a generic improvement in the credit quality of the book.   

The bank managed to maintain costs at the same level as the same period last year despite the impacts of inflation and the continued investment in its people, technology, and premises.

Geoffrey Fichte, Chief Executive Officer of HSBC Bank Malta p.l.c., said: “I would like to thank our customers for their business. We continued our strong momentum with a 48% growth in pre-tax profit over prior year. We continue to invest in technology to improve customer service. In January 2024, we signed a new collective agreement for the period 2024 – 2026 which is characterised by significant enhancements to employee pay, benefits and retirement pension. We also continued to invest into our state-of-the-art office to offer a better working environment for our employees. 

“HSBC Malta’s Global Trade and Receivables Finance team was awarded as the Market Leader and Best Service Bank in Malta for the second consecutive year in the Euromoney Trade Finance Survey 2024. This prestigious recognition underscores HSBC Malta’s commitment to excellence and innovation in serving its customers.”

Malta Company Announcements:

Trident Estates plc

The Board of Directors of Trident Estates p.l.c shall be meeting on 30th May 2024 to:

1. Consider and approve the audited Financial Results for the year ended 31st January 2024.

2. Consider the declaration of dividend, if any, to be recommended to the forthcoming Annual General Meeting.

Simonds Farsons Cisk plc

The Board of Directors of Simonds Farsons Cisk plc shall be meeting on 29th May 2024 to:

1. Consider and approve the audited Financial Results for the year ended 31st January 2024.

2. Consider the declaration or otherwise of a final dividend to be recommended to the forthcoming Annual General Meeting.

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