Arricano's financial results for the first half of 2019
On September 26, Arricano published its Consolidated Interim Condensed Financial
Results for the first half of 2019.
- The results demonstrate that the business parameters have improved, namely:
- Total revenues increased by 17%. For the 6 months that ended on June 30, 2019, it made 17.3 million US dollars. In the first half of 2018, this parameter was 14.8 million US dollars.
- Profit before tax, excluding revaluation gains/losses, increased by 53% up to 9.8 million US dollars. At the same period of 2018, this figure made 6.4 million US dollars.
- Total fair valuation of the Company's portfolio increased by 22.8 million US dollars to 281.3 million US dollars as of June 30, 2019 (as of December 31, 2018 it amounted to 258.5 million US dollars).
- Occupancy of the rental spaces increased to 99.9% as of June 30, 2019 compared to 99.7% as of June 30, 2018.
- Borrowings remain conservative at the property value with a loan to investment property ratio of 15% as of June 30, 2019, compared to 14% as of December 31, 2018.
- Net asset value made 111.8 million US dollars (as of December 31, 2018 it made 94 million US dollars).
- 82 new lease agreements were signed during the first half of 2019. It means that the number of the signed agreements increased by 14, while during the first half of 2018 only 68 contracts were signed.
- Footfall in the first half of 2019 remains at the level of 23 million visitors.
Anna Chubotina, Acting CEO of Arricano, stresses, “This is another productive period for the company that confirms that the right strategy has been chosen. We realize that in order to achieve these results it is important to increase the authority of a shopping mall, improve the tenant mix and generate new solutions to increase the turnover of our tenant partners, maintain high-quality traffic of visitors and enhance the influence of a shopping mall over different segment groups of customers. We are grateful to our tenant partners for effective cooperation and are confident that together we will get excellent results by the end of 2019.”