Premia Properties reports €5M operating profit in the first 9 months of 2021

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.  

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