Middlesea Insurance p.l.c announce profits of EURO 9.3 million (Lm4million)

This week the Malta Stock Exchange Index closed at 4,502.877 points, a loss of 0.94% over the previous week.  Since the beginning of the year the Index lost more than 8.80%.  During the week, thirteen equities were negotiated, with four closing in positive territory, four in negative territory and five remaining stable.  During the week GlobalCapital plc was the best performer whilst shares of Middlesea Insurance plc suffered the greatest loss.

A total of two hundred thirty three deals were registered on the stock exchange for a turnover of over EUR3.2 million.  In the equity market one hundred eight nine deals were executed for a total value of EUR846,923, whilst in the corporate market eighteen deals for a total value of EUR319,496.06 were carried out, in the government bond market twenty deals were executed for a total value of EUR1,397,917.  Six deals were executed in Treasury Bills for a total value of EUR704,844.

This week was a difficult one for the banking sector as the share price of Bank of Valletta plc dropped by 1.14% to close at EUR5.19 as 82,402 shares changed hands for a total value of 429,179.  In the meantime, the Bank stated, that for the third consecutive year it has been named the Best Bank in Malta by the US financial publication Global Finance. The share price of HSBC Bank Malta plc dropped by 2.33% over the week to close at EUR4.20 as 45,977 shares changed hands for a total value of EUR194,103.

During the week, one deal was executed in shares of Lombard Bank plc, 6pm Holdings plc and Crimsonwing plc.  The respective share price of each equity remained stable over that of the previous week.  The share price of Grand Harbour Marina plc remained stable at EUR2.25 even though 13,900 shares changed hands on nine transactions.  Likewise the share price of International Hotel Investments plc remained stable at EUR1.06 as 11,650 shares changed hands on five transactions.

On Thursday, the Annual General Meeting of Lombard Bank p.l.c. was held and all five Ordinary Resolutions on the agenda were approved.


The share price of Middlesea Insurance plc dropped by 2.86% and closed the week at EUR3.40 as 1,809 shares changed hands over three deals.  GO plc lost 0.46% of its value as 14,310 shares changed hands over twelve deals.

GlobalCapital plc performed best during the week as its share price increased by 13.43% from EUR2.80 to EUR3.176 as 16,660 shares changed hands on thirteen transactions.  The share price of FIMBank plc increased by 0.58% to close at EUR1.92 as 19,200 shares changed hands on eight deals.  The share price of MaltaPost  plc increased by 2.04% and closed at EUR0.75.

The value of shares of Malta International Airport plc increased by 0.90% as they closed the week at EUR3.38 on fifteen transactions totalling 7,600 shares. A net dividend of EUR0.058 per share was approved for distribution during the Company’s Annual General Meeting held on Thursday.  MIA also announced it reached an agreement with Nuance Group which is guaranteeing a minimum of EUR25.5 million in revenue for MIA for a period of six years starting in December 2008.  

On Friday, Middlesaea Insurance p.l.c.(MSI), announced that the Board of Directors of Middlesea Insurance p.l.c. approved the Preliminary Statement of Annual Results for the financial year ended 31 December 2007. The Board also resolved to recommend to the Annual General Meeting the payment of a final ordinary gross dividend of EUR 0.12c81 equivalent to Lm0.05c5 (2006-Lm0.04c5) per share. 

MSI announced that the Group’s Profit before tax for the financial year ended 31st December 2007 was EUR 9.318 million (LM4million) compared to EUR 8.518(LM 3.657) in 2006. Total income from insurance activities reached EUR 9.58 million (LM 4.11million) compared to EUR 9.486 million (LM 4.07 million). Earnings per share attributable to shareholders as at 2007 was in Euro, 27c0 (11c6) compared to 29c6 (12c7) in 2006.

This article which was complied by Jesmond Mizzi Financial Services Limited (JMFS) does not intend to give investment advice and the contents therein should not be construed as such.  JMFS is licensed to conduct investment services by the MFSA.  The directors or related parties, including the company, and their clients are likely to have an interest in securities mentioned in this article.  For further information please contact JMFS at 67/3, South Street, Valletta or on Tel: 21224410 or email [email protected].