Premia Properties announced its financial results for the
nine-month period ended on September 30th, 2021.
The REIC reported a significant expansion of its real estate
portfolio with the addition of nine properties in total, as well as strategic
entry in the sector of serviced residential real estate.
As of
September 30th, 2021, total investments portfolio increased by 63% and amounted
to €173.1 million. The Group’s real estate portfolio includes sixteen
investment properties, valued at €131.6 million compared to seven properties
valued at €65.9 million as of December 31st, 2020. In addition, an advance
payment of €2.0 million was paid upon signing of the aforementioned
preliminary property purchase agreement in Piraeus. In 2020, the Group invested
in social real estate (schools), via its subsidiary JPA S.A., which manages ten
school units located in Attica through a service concession (PPP) contract. The
total value of the relevant concession right (Financial assets at amortized
cost) amounted to €39.5 million as of September 30th, 2021, over €40.4
million as of December 31st, 2020.
There was
also recorded a revenue increase, improvement in operating profitability and
pre-tax profitability on a consolidated basis compared to the corresponding
period of 2020, as a result of the addition of new investments* as well as the
incorporation of the subsidiary JPA S.A.
Consolidated
total income for the nine months of 2021 amounted to €6.5 million compared
to €1.2 million during the respective period of 2020, while investment
property rental income rose to €4.3 million versus €1.2
million during the respective period of 2020. Group rental income was not
significantly affected by the pandemic (Covid-19), with the relevant reduction
amounting to €0.2 million for the nine months of 2021
Consolidated
operating profit for the nine months of 2021 amounted to €5.0 million ,
compared to €1.1 million in the corresponding period of 2020. Consolidated
profit before taxes for the nine months of 2021 reached €3.9
million versus €0.9 million in the respective period of 2020.
