Last Updated on Friday, 16 July, 2021 at 12:55 pm by Andre Camilleri
The Annual General Meeting of Malta Properties Company plc (MPC) was held yesterday. It highlighted the Company’s positive performance during 2020. Despite the challenges created by the Covid-19 pandemic, MPC saw revenues grow marginally to reach €3.44 million while operating profit also increased to €2.14 million. As a result of this performance, a proposal to increase the net dividend to €0.012 per share was approved by shareholders.
Addressing shareholders for the first time since his appointment in May 2021, MPC Chairman, Mohamed Sharaf, said, “Excellent leadership and dedicated staff have brought MPC to a position where, despite the extraordinary challenges around us, our prospects remain as strong as ever. MPC has continued to deliver a steady financial performance and is able to continue to distribute dividends. Looking ahead, we will continue to monitor a fast-evolving market and remain focussed on identifying new opportunities in an environment that offers cautious optimism.”
The AGM was also addressed by MPC’s Chief Executive Officer, Mohsin Majid, and Chief Financial Officer, Daniela Zammit, who delivered more detailed presentations on the Company’s performance. This included updates on the Company’s key sites in Zejtun and Marsa as well as its new acquisition in Swatar. The Swatar site is currently leased to HSBC Global Services while the development of the Zejtun site is nearly complete with the key tenant, GO plc, expected to move in towards the end of 2021. Meanwhile, the site at Spencer Hill in Marsa has been vacated. The planning application process for this site is at an advanced stage and the Company is hopeful of receiving a permit in the months ahead.
Mr Majid, said, “In the face of the challenges created by the pandemic, I am proud to report that MPC has shown both the resilience and the adaptability needed to emerge from this period as strong as ever. In addition to increases in revenues and operating profit, MPC’s net asset value per share also grew to €0.55. This performance leaves me positive about both the short-term and long-term opportunities ahead of us. With this in mind, we will continue to explore the wider real estate landscape for the right opportunities and to pursue growth opportunities with vigour.”
The AGM approved all resolutions presented during the meeting including the Annual Report and Financial Statements for the year ended 31 December 2020, the payment of a Net Dividend of €0.012 per share, the payment of which amounts to €1,215,726, the re-appointment of PricewaterhouseCoopers as Auditors and the Emoluments of Directors. The meeting also confirmed the Company’s Board of Directors, where Dr. Cory Greenland and Mr. Deepak Padmanabhan were elected by the shareholders to serve on MPC’s Board for the coming year, and approved amendments to the Company’s Memorandum and Articles of Association.