The following is a Company Announcement issued by MIDI p.l.c. (“MIDI” or the “Company”) pursuant to the Listing Rules issued by the Listing Authority.
Approval of Audited Financial Statements
The Company’s Board of Directors has today, the 25 April 2019, approved the audited consolidated financial statements for the year ended 31 December 2018.
MIDI Group has registered a turnover for the year amounted to €52.5 million (2017 – €4.6 million). The Group’s results have been mainly driven by the sales of Q2 apartments which were delivered to their owners during 2018. Revenues generated from the sales of these properties amounted to €48.6 million (2017 – €0.2 million) with a resultant operating profit of €17.3 million (2017 – an operating loss of €3.1 million). The property rental and management operations of the Group generated €3.9 million in revenues (2017 – €4.5 million) and contributed to an operating profit of €1.1 million (2017 – €0.3 million). The Group registered a profit for the year of €11.6 million compared to a profit of €20.8 million registered during the previous financial year. The profit for the previous financial year was mainly attributable to the €26.3 million revaluation gain of the Company’s shares in Mid Knight Holdings Ltd, a joint venture company operating The Centre office block at Tigné Point.
The Group’s Net Asset Value has increased from €86.6 million to €97.4 million, equivalent to a net asset value per share of €0.46 (2017: €0.40).
The Board resolved that these audited financial statements be submitted for the approval of the shareholders at the forthcoming Annual General Meeting (the “AGM”). These financial statements are attached to this company announcement and are also available for viewing at the registered office of the Company and on the Company’s website
At the same meeting, the Board of Directors resolved to recommend for the approval of the AGM the payment of a final net dividend of €1,713,279 equivalent to €0.008 per share.
The final dividend, if approved at the AGM, will be paid to the shareholders on the Company’s share register at the Central Securities Depository of the Malta Stock Exchange as at the close of business on Friday 10 May 2019 and payable on Friday 28 June 2019.
Annual General Meeting
As announced previously via Company Announcement MDI131, the Company’s Annual General Meeting will be held on Tuesday 11 June 2019. Shareholders on the Company’s share register at the Central Securities Depository of the Malta Stock Exchange as at the close of business on Friday 10 May 2019 shall be eligible to receive notice of the AGM together with the financial statements for the financial year ended 31 December 2018. Further information relating to the AGM will be announced in due course.
25 April 2019
Original article found on Malta Winds