Last Updated on Tuesday, 4 August, 2020 at 12:30 pm by Andre Camilleri
Main Street Complex p.l.c. Annual General Meeting was held on Wednesday 29 July 2020 outdoors on the terrace of the complex rooftop café and restaurant. The meeting was chaired by the Chairman of the Board of Directors, Joseph A. Gasan, who gave an overview of the company’s performance and financial results during 2019, along with a summary of developments over the past 6 months.
During his statement, Gasan highlighted that during 2019, the company revenues increased by 6.5% while profit before tax went up by 8% over the previous year. In terms of complex footfall, Mr. Gasan noted the positive performance of last year with a record level of footfall, exceeding900,000 visitors in 12 months. Main Street Complex set off on an even better start in January and February 2020 before the complex as obliged to close from 23 March to 3 May due to the Covid-19 pandemic situation. with positive increases in footfall and revenue. Footfall has recovered quite positively since it’s reopening in May 2020, last week reaching 74% of the same period in 2019.
The complex also attained 100% occupancy in June 2019 with the opening of George, a fashion brand for men, women and kids.
The Board proposed a Final Dividend for 2019 representing 82% of total profit. This was possible due to the Company’s strong balance sheet and cashflow. The AGM unanimouslyapproved the final net dividend of €161,000 (or €0.00,831 per share). The other resolutions, includingthe approval of the Audited Financial Statements of the Company for the financial year ending 31 December 2019 together with the Directors’ and Auditors’ report were all approved unanimously.
The shareholders re-appointed all members of the Board until the next AGM. The Board members are Joseph A. Gasan, Mario Camilleri, Mr. Etienne Borg Cardona, Christopher Mifsud and Isabella Vella.