INVL Baltic Real Estate Interim unaudited information for 6 months of 2022
For 6 months of 2022, the unaudited consolidated net profit of the INVL Baltic Real Estate (hereinafter – “the Company”) group was EUR 1.88 million, revenue was EUR 1.64 million (for 6 months of 2021 consolidated net profit was EUR 0.75 million, revenue was EUR 1.24 million). The revaluation of the real estate value of EUR 1.7 million had a positive impact on the results. The unaudited net profit of Company itself amounted to EUR 1.88 million for 6 months of 2022 and EUR 0.75 million for 6 months of 2021.
The real estate investment company INVL Baltic Real Estate had a consolidated net profit of EUR 1.88 million in the first half of this year, 152% more than in the same period last year when net profit was EUR 0.75 million. The revaluation of the real estate value of EUR 1.7 million had a positive impact on the results.
The company’s consolidated equity at the end of June this year was EUR 21.2 million. Equity per share was EUR 2.63 and grew 25.6% compared to the end of June 2021 (also taking into account dividends that were paid).
INVL Baltic Real Estate’s properties further maintained a high occupancy level and increased operating income. The company’s consolidated net operating income from property holdings in the first half of 2022 was EUR 1.01 million and was 46% more than in the same period last year (EUR 0.69 million). Consolidated revenue grew 32% over the period of comparison to EUR 1.64 million, of which consolidated rent income from property holdings increased 13% to EUR 0.93 million.
The largest property that INVL Baltic Real Estate owns is the office building at Palangos Street 4 in Vilnius, which contains the Talent Garden Vilnius coworking space that the company operates. That building’s income in the first half of the year was EUR 1.09 million, or 45% more than in the same period last year. The income of the Žygis Business Centre increased 60% over the same period of 2021 to EUR 0.24 million.
The value of INVL Baltic Real Estate’s property holdings after the first half of the year was 33.8 million and was 14% more than a year earlier (EUR 29.6 million).
“This year we’ve focused heavily on the buildings of the former Communications Palace along Palangos and Vilniaus Streets. At the start of the year, we publicly presented design proposals for this reconstruction project. The Vilnius City municipality recently approved those proposals and issued the design requirements for renovating the complex. Having obtained the design requirements, we are moving on to the next stage of the development – preparation of the technical design for the buildings’ reconstruction,” says Vytautas Bakšinskas, the real estate fund manager at INVL Asset Management, which manages INVL Baltic Real Estate.