“Water Services Corporation launches Malta’s first ever Green Bonds…”

Malta:

Water Services Corporation launches Malta’s first-ever Green Bonds

The Water Services Corporation (WSC) announced the launch of Malta’s first-ever Green Bonds. The €25 million issuance will have a maturity term of 10 years and an interest rate of 4.25%.

The Green Bonds are in line with the UN’s Sustainable Development Goals and the EU’s Green Deal. They mark WSC’s dedication to environmental stewardship and its commitment to investing in sustainable water management.

Proceeds from the Green Bonds will be used to finance a number of green projects, such as:

• Gozo’s cutting-edge reverse osmosis plant in Hondoq.
• Solar farms that will generate renewable energy and reduce WSC’s reliance on fossil fuels.
• Wastewater treatment plants that will improve water quality and reduce pollution.
• Enhancements to WSC’s water network that will reduce non-revenue water and improve efficiency.

These projects will help to address some of the most pressing water challenges facing Malta, including water scarcity, climate change, and pollution. They will also help to create jobs and boost the economy.

“This is a landmark event for us as a corporation and for Malta as a whole,” said WSC CEO Karl Cilia. “We are the first company in Malta to take this ‘green’ step, we are thrilled to be one of the first water utility companies pursuing such green initiative.”

The Green Bonds have been certified by the Climate Bonds Initiative, which is an international organization that promotes the issuance of green bonds. This certification ensures that the proceeds from the bonds will be used to finance projects that have a positive impact on the environment.

The launch of the Green Bonds is a significant step forward for WSC and for Malta as a whole. It demonstrates WSC’s commitment to environmental sustainability and its leadership in the green finance market.

The Green Bond Framework, is issued by Clearflowplus p.l.c., a subsidiary of WSC Group and guaranteed by WSC.

The €25 million green bond was fully subscribed within a matter of hours, the state company said on Tuesday.

HSBC Malta announces highest interim dividend in 7 years, driven by strong performance

The financial performance in the first half of the year reflected the value of the bank’s large and diversified customer base, rising interest rates, strong risk management and credit quality of the loan book, improved performance of the insurance subsidiary and cost discipline, while still investing in the future of the business.

In view of the strong performance in H1 2023, the directors are recommending an interim gross cash dividend of 6.0 cents per share.  The proposed interim gross dividend for 2023 is higher than the full year gross dividend of 5.6 cents paid for 2022. This represents the highest interim dividend paid by HSBC Bank Malta in seven years.

On 1 January 2023, HSBC Malta adopted IFRS 17 ‘Insurance Contracts’. As required by the standard, the bank applied the requirements retrospectively with comparative data previously published under IFRS 4 ‘Insurance Contracts’ restated from the 1 January 2022 transition date.

• Profit before tax increased by 238% or €41.8m to €59.3m, mainly driven by higher income on the placement of excess liquidity, lower credit recovery in view of a significant recovery reported in H1 2022, better performance reported by the insurance subsidiary and lower reported costs.
• Revenue increased by €43.5m or 69% driven by rising interest rates reflecting increased value from our large and diversified customer base and greater customer transaction volumes. 
• A release of €2.6m was reported on expected credit losses (‘ECL’) in view of better economic projections and curing of non-performing loans on which moratoria measures were extended during the Covid period.
• Costs are €7.5m lower than the same period in 2022. This decrease was largely driven by higher regulatory fees booked in H1 2022 as a result of a change in the legislation regulating cash contributions towards the Depositor Compensation Scheme and an insurance refund received in 2023. Nevertheless, we continue to invest in the future of the business.
• During the first six months, loans to customers and deposits were largely at the same levels reported as at 31 December 2022. 
• Profit attributable to shareholders of €38.5m for the six months ended 30 June 2023 resulted in earnings per share of 10.7 cents which compared favourably with 3.2 cents in the same period in 2022.
• Return on equity of 16.2% for the six months ended 30 June 2023 compared favourably with 5.1% for the same period in 2022.
• Cost efficiency ratio (‘CER’) improved to 46.6% from 90.9% in the same period last year.
• The bank maintained a strong liquidity and capital position as at 30 June 2023.

Malta Company Announcements:

GO p.l.c

The Board of directors decided that an interim dividend of €0.07 per share will be paid net to all shareholders as at close of trading on Monday, 24^th July 2023 and will be payable on Monday 7, August 2023.

Tigne Mall p.l.c

The Board of directors is scheduled to meet on Friday, 11^th August 2023 to consider and approve the interim financial results covering the six-month period ended 30^th June 2023. They will also consider the declaration of an interim dividend.

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