“Record profits for BOV in 2024: €302.4M with a €130.7M dividend…”

Bank of Valletta (BOV) announced record-breaking financial results for 2024, achieving a pre-tax profit of €302.4 million, a 20.2% increase from the previous year. This significant growth, attributed to strategic revenue expansion and effective cost management, was presented by BOV’s Chairperson, Dr. Gordon Cordina, CEO Kenneth Farrugia, and CFO Kevin Cardona.

A major highlight of the year was the substantial dividend payout. BOV’s Board of Directors proposed a gross dividend of €130.7 million, nearly double the 2023 figure, reflecting the bank’s strong performance. This translates to €0.2238 per share, a 92.5% increase. The Board also announced plans for a bonus share issue (one share for every ten held), a share buy-back to enhance liquidity, and a €250 million bond issue under the Euro Medium Term Bond (EMTB) program.

BOV’s balance sheet reached €15 billion, representing a significant portion of Malta’s GDP. The bank’s credit portfolio grew by €700 million, while maintaining competitive interest rates within the Euro area. Net interest income rose by 9.6% to €385.9 million, and net fee and commission income increased by 4.3% to €81.4 million. Expected credit losses saw a net release of €23.8 million, indicating improved asset quality and a lower non-performing loan (NPL) ratio of 2.68%.

Customer deposits increased to €12.8 billion, and loans and advances to customers grew by 11.6% to €6.9 billion, demonstrating growth across various lending segments. Key performance metrics highlighted a return on average equity of 22.6%, and earnings per share of 34.2c.

Dr. Cordina emphasized the bank’s transformation and its focus on delivering shareholder value through prudent capital management and sustainable initiatives. He highlighted the bank’s commitment to ESG principles, including reducing carbon emissions and promoting green initiatives.

CEO Kenneth Farrugia underscored BOV’s strategic growth, improved customer service, and investments in human capital and technology. Notable achievements included an upgraded credit rating from Standard & Poor’s, the successful issuance of a €100 million bond, and awards for fund administration and corporate social responsibility.

BOV’s CSR initiatives, including the Rebbiegħa CSR Initiative and the Volunteering Initiative, were recognized for their positive social impact. The bank also launched a ‘green’ credit financing product for SMEs.

Both Dr. Cordina and Mr. Farrugia expressed gratitude to BOV’s employees, Board, customers, and shareholders for their contributions to the bank’s success

BMIT plans to purchase a 51% controlling interest in 56Bit, a cloud infrastructure company.

BMIT Technologies, a prominent firm listed on the Malta Stock Exchange (MSE), specializing in data center, cloud, managed services, and cybersecurity solutions, has announced a significant strategic move: the acquisition of a 51 percent stake in 56Bit. This acquisition marks a key step in BMIT’s ongoing diversification strategy.

56Bit, the target of this acquisition, is a Maltese cloud infrastructure consultancy, recognized for its expertise in architecting, deploying, and managing cloud-native architectures. The company is led by co-founders Patrick Camilleri and Stefan Caruana, and holds the prestigious status of an AWS Advanced Partner. 56Bit’s client portfolio is diverse, spanning various sectors, including the demanding iGaming industry, as well as media, aviation, logistics, and retail companies.

The official announcement, released through a company update on the MSE, clarified that the transaction’s completion is contingent upon the fulfillment of several conditions precedent. This means that the deal’s finalization is not guaranteed and may or may not proceed. BMIT Technologies has committed to providing further updates to the market as developments occur.

This acquisition is a component of BMIT’s strategic shift away from its historical focus as a pure data center provider. The company has acknowledged the increasing prevalence of cloud services and its impact on profit margins. In response, BMIT has actively pursued diversification. A notable prior move in this direction was the late 2023 acquisition of the cellular tower network belonging to GO, its majority shareholder. This acquisition aimed to establish BMIT as “Malta’s InfraCo” (Infrastructure Company), providing a foundation for stable revenues and margins, as emphasized by Chairman Nikhil Patell, who also serves as CEO of GO

Malta Properties Company Sees Significant 10% Pre-Tax Profit Increase.

Malta Properties Company Sees 10% Profit Jump, Looks Ahead to 2026 Surge

Malta Properties Company (MPC) reports a robust 10% pre-tax profit increase for 2024, fueled by strong rental income and strategic property renovations. Despite anticipating a temporary revenue dip in early 2025 due to ongoing upgrades, MPC projects a significant revenue surge in 2026 as newly renovated spaces attract tenants.

The company’s strong financial performance, including a 14.7% EBITDA jump and increased earnings per share, underscores its successful commercial real estate strategy and positions it for sustained growth.

MAPFRE Middlesea reported a pre-tax profit of €24.8 million for the year 2024.

MAPFRE Middlesea plc reported a strong 2024, with pre-tax profits rising to €24.8 million, slightly exceeding the previous year.

This growth, coupled with a 10.7% increase in earnings per share, highlights the company’s solid financial performance.Notably, general business premiums surpassed €100 million for the first time, and the group’s total written business reached €309.5 million.

 MAPFRE MSV Life also contributed to the positive results, with increased profits and strong demand for its life insurance products.

Malta Company Announcements:

MedservRegis plc

The Board of Directors is scheduled to meet on the 22nd April 2025 to approve and publish the consolidated financial statements of the Company for the period ended 31 December 2024. 

Annual General Meeting

The forthcoming Annual General Meeting (the AGM) of the Company will be held on the 29th May 2025. 

Placing of items/resolutions on Agenda Shareholders holding not less than 5% of the issued share capital of the Company may:

a.  request the Company to include items on the agenda of the AGM, provided that each item is accompanied by a justification or a draft resolution to be adopted at the AGM; and

b.  table draft resolutions for items included in the agenda of the AGM. 

The request to put items on the agenda of the AGM or the draft resolution referred to above shall be submitted to the Company in hard copy or electronic form to investors@medservregis.com by the 12th April 2025 and shall be authenticated by the person/s making it. The Company shall not be obliged to entertain any requests by shareholders after the 12th April 2025.

Harvest Technology plc

The Board of Directors of Harvest Technology plc (the “Company”) is scheduled to meet on March 27, 2025 to consider and, if thought fit, approve:

• The Company’s audited financial statements for the financial year ended December 31, 2024 and
• The recommendation of a final dividend for the same financial year ended.

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