Main Street Complex plc, located in Paola, achieved an increase in company revenues of 6.5 per cent for the financial year 2019 when compared to the previous year, the company said in a statement.
During its Annual General Meeting, held on Wednesday 29th July outdoors, Chairman of the Board of Directors, Joseph A. Gasan, gave an overview of the company’s performance and financial results during 2019.
He also provided a summary of the past six months, from a strong performance in January and February 2020, to invariably having to close its doors after the Government shut down most of the economy to stem the spread of COVID-19.
During his statement, Mr. Gasan highlighted that during 2019, the company revenues increased by 6.5 per cent while profit before tax went up by 8 per cent over the previous year.
In terms of complex footfall, Mr. Gasan noted the positive performance of last year, with a record level exceeding 900,000 visitors in 12 months.
Main Street Complex set off on an even better start in January and February 2020 with positive increases in traffic and revenue, before the complex was obliged to close from 23rd March to 3rd May due to the pandemic.
Footfall has recovered positively since it’s reopening in May 2020, the Board said in a statement, adding that last week traffic reached 74 per cent of the same period in 2019.
The complex also attained 100 per cent 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 per cent of total profit. This was possible due to the company’s strong balance sheet and cashflow, reads the company statement.
The AGM unanimously approved the final net dividend of €161,000 (or €0.00,831 per share). Other resolutions, including the approval of the Audited Financial Statements of the company for the financial year ending 31st 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 Mr. Joseph A. Gasan, Mr. Mario Camilleri, Mr. Etienne Borg Cardona, Mr. Christopher Mifsud and Ms. Isabella Vella.