Noval Property announced €35.2M net profit in 2021
The Company’s intrinsic book value as at 31.12.2021 amounted to €314.9 million or €1.27 per share.
For 2021, Noval Property announces net profit of €35.2 million compared to losses of €1.5 million in 2020.
During its second full year accounting period (01.01.2021 – 31.12.2021), Noval Property recorded revenue from rent and rent compensation amounting to €18.6 million compared to €13.9 million in 2020, up by 33.8%. It is noted that, in 2021, government measures aimed to support enterprises affected by the Covid-19 pandemic reduced the Company’s revenue by €2.5 million (approximately 11.8% of the expected annual revenue).
Adjusted earnings before interest, tax, depreciation and amortisation (adjusted EBITDA) for 2021 amounted to €9.6 million compared to €7.2 million in 2020, up by 33.3%.
Profit from adjustment of investment property at fair value amounted to €27.5 million in 2021 (compared to losses of €4.3 million in 2020), demonstrating the progress in development projects, active management of the Company’s properties, as well as the positive trend of commercial properties in Greece.
As at 31.12.2021, cash amounted to €129.1 million compared to €4.5 million as at 31.12.2020.
The Company’s intrinsic book value as at 31.12.2021 amounted to €314.9 million or €1.27 per share while as at 31.12.2020 it stood at €281.9 million or €1.14 per share, recording an 11.4% increase.
At its meeting held on 08.04.2022, Noval Property’s Board of Directors decided to propose to the Annual Ordinary General Meeting of Shareholders dividend distribution of €0.0102 per share for the year 2021, increased by 32.5% compared to the dividend for 2020.