Arricano’s financial results for the first half of 2018
On September 27 Arricano Real Estate PLC published the Consolidated Interim Abbreviated Financial Statement for the first half of 2018.
According to this document, the financial achievements of Arricano Real Estate PLC were the following:
• Total revenues are up 15%. For the first 6 months till June 30, 2018 they amounted to USD14.8 million. On June 30, 2017 this value amounted for the six months to USD12.9 million;
• Excluding revaluation gains profit before tax increased by 129% to USD6.4 million. For the same period of 2017 this value amounted to USD2.8 million;
• Total fair valuation of the Company's portfolio increased by USD19.1 million to USD240.4 million as at June 30, 2018 (December 31, 2017: USD221.2 million);
• Occupancy increased to 99.7 % as at June 30, 2018, compared to 98.8% as at June 30, 2017;
• Borrowings remain conservative at the property level with a loan to investment property ratio of 16% as at June 30, 2018 compared to 23.8% as at June 30, 2017;
• Signed 68 new lease agreements during the first half of 2018 compared to 52 in H1 2017.
“The first half of 2018 is a productive period for sales growth, increasing profitability and value of our portfolio. In the second half of 2018, we continue to generate new business solutions to stimulate sales growth. Among the established effective practices are interaction with solvent traffic, strengthening positions in the digital space and formation of a new offline space of shopping complexes that attract various target audiences and groups” - says Mykhailo Merkulov, General Director of Arricano Real Estate PLC about key business-aspects that stimulate the growth of revenues, profits and expansion of an effective client B2B and B2C bases.