Tigné Mall plc reports strong performance at Annual General Meeting

Tigné Mall plc, owner and operator of The Point shopping mall, held its Annual General Meeting (AGM) on 21st June 2024 at the Phoenicia Hotel in Floriana.

Joseph Zammit Tabona, Chairman of the company, warmly welcomed shareholders to the meeting and expressed his appreciation for their continued support. He then highlighted the significant milestones achieved over the past year.

In his address, Mr Zammit Tabona elaborated on how business in 2023 had surpassed pre-pandemic levels, citing key performance indicators such as increased foot traffic, higher tenant occupancy rates, and robust sales growth.

He emphasised that this positive trend was a testament to the resilience and strategic planning of the company, which had successfully navigated the challenges posed by the pandemic in previous years. The Chairman also noted that the company’s strong financial performance was reflected in robust revenue and profit figures.

This success, he explained, was driven by innovative marketing initiatives, strategic leasing efforts, and a commitment to enhancing the shopping experience for customers. Mr Zammit Tabona concluded by expressing optimism for the future, stating that business in the current year had so far been positive.

Tigné Mall CEO Edwin Borg highlighted the positive performance of the shopping centre in 2023, stating that the business “has not only rebounded, but surpassed expectations.”

“Retailers registered strong sales performances throughout the year, which bolstered the company’s financial performance. The collaboration and commitment of our retailers have played a crucial role in this success, driving growth and enhancing the overall shopping experience for our customers,” he affirmed.

He also expressed his gratitude to the Board of Directors for its unwavering support and commended the centre management team for their hard work and dedication, which have been instrumental in achieving these outstanding results.

He further explained that, looking ahead, the company will continue to evolve, adapt, and innovate to meet the ever-changing needs of its customers.  Key targets in this regard include maintaining a diverse mix of quality retailers and delivering a memorable shopping experience.

Additionally, Mr Borg said that the company will continue to foster a sense of community by hosting engaging events and supporting local initiatives.

Concluding his address, Mr Borg stated: “I am confident that, despite the challenges, our shopping centre will continue to thrive as a hub of commerce and community engagement. Together, let us embrace the future with optimism, innovation, and a collective commitment to success.”

Further to the approval of the Financial Statements and Directors’ and Auditors’ Reports for the year ended 31 December 2023, PricewaterhouseCoopers were reconfirmed as the company’s auditors. The official version of the Annual Financial Report can be viewed on the company website here, in the Investors Relations section.

The shareholders also approved the Board of Directors’ recommendation for a dividend payment of €0.01445 per ordinary share, representing a final net dividend of €815,000 to be paid on 17th July to shareholders on its register as at close of trading on 21st June 2024.

All the Directors of the company retired from office in terms of its Articles of Association, and since there were as many nominations as there were vacancies, no election was required, and the Board of Directors was reconfirmed in its entirety.

Mr Zammit Tabona concluded the meeting by expressing his heartfelt gratitude to the company’s shareholders, Board members, employees, and customers for their unwavering support throughout the year.

“Your trust and commitment have empowered us to uphold our status as a premier shopping destination. For this, I am sincerely grateful,” he remarked.