- Posted by Chris Borg
- On August 6, 2020
- 0 Comments
Main Street Complex plc held its annual general meeting on July 29.
The meeting, held outdoors on the terrace of the complex rooftop café and restaurant in Paola, was chaired by the chairman of the board of directors, Joseph Gasan, who gave an overview of the company’s performance and financial results during 2019, along with a summary of developments over the past six months.
Gasan highlighted that during 2019, the company’s revenues increased by 6.5 per cent while profit before tax went up by eight per cent over the previous year. In terms of complex footfall, Gasan noted the positive performance of last year with a record level of footfall, exceeding 900,000 visitors in 12 months.
Main Street Complex set off on an even better start in January and February before the complex was obliged to close from March 23 to May 3 due to the COVID-19-pandemic situation, with positive increases in footfall and revenue. Footfall has recovered quite positively since its reopening in May 2020, last week reaching 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 cash flow. The AGM unanimously approved the final net dividend of €161,000 (or €0.00,831 per share).
The other resolutions, including the approval of the audited financial statements of the company for the financial year ending December 31, 2019 together with the directors’ and auditors’ report were all approved unanimously.
The shareholders reappointed all members of the board until the next AGM. The board members are Joseph Gasan, Mario Camilleri, Etienne Borg Cardona, Christopher Mifsud and Isabella Vella.