Net profit after tax for 2022 amounted to €12,1m (2021: €8,3m) recording an increase of 45%.
The adjusted net profit after taxe (i.e., without the real estate value adjustment) amounted to € 4,6 million (2021: € 3,9 million), recording an increase of 19%. The property portfolio (including owner-occupied properties) amounted to €136m (2021: €122m) showing an increase of 12%.
The increase was the result of investments amounting to € 7,9 million and revaluation of real estate of € 7,5 million, while at the same time the Company proceeded with the sale of a commercial store for € 1,35 million which had been acquired in February 2020 for a price of €1,1 million.
The value of the real estate portfolio on 31.12.2022 is divided into: 49% logistics, 27% office buildings, 20% hotels and 4% other real estate categories. During the year 2021, the Group recorded an increase in all its financial figures.
- On December 31st, 2022, the Group's portfolio consisted of 26 properties with a total value of € 136 million compared to 27 properties with total value of € 122 million on December 31, 2021, recording an increase of 12%. On December 31, 2022, the fair value of the portfolio (excluding those used for own use) amounted to €135 million (December 31, 2021: €121 million).
- Rental income increased by 32% and amounted to € 8,0 million compared to € 6,1 million in 2021. The increase is attributed on the one hand to the integration of income from investments in distribution centers and storage (logistics) and on the other hand to the reduction corresponding revenues of 2021, due to the mandatory measures against the spread of Covid-19.
- The occupancy ratio of the properties remained at the same, very high, levels of 99,8%.
- Profits from revaluation of real estate at fair value amounted to € 7,5 million (2021: € 4,4 million), of which € 3,2 million refers to the distribution and storage center sector (logistics) and an amount of € 3,0 million for the tourist real estate sector.
- Adjusted EBITDA (Earnings before interest, taxes, depreciation & amortization) increased by 39% to € 5,9 million for the year 2022 compared to € 4,2 million for the year 2021 (see Table 1).
- The Total equity corresponding to shareholders of the Company (NAV) on December 31, 2022, amounted to € 98,2 million, i.e. € 2,78 per share, compared to € 2,52 per share on 31.12.2021 showing an increase of 10%.
