Arricano Real Estate Plc, a leading developer of shopping malls in Ukraine, has published the company's consolidated financial report for 2020 on AIM of the London Stock Exchange: the revenue was USD 32.3 million, the company's net profit was USD 20.2 million, and the total fair valuation of the investment property portfolio was USD 275.5 million. Links - https://www.londonstockexchange.com/news-article/ARO/final-results/14946921. 
Taking into account the restrictions in the operation of shopping malls implemented by government due to COVID-19, when the shopping malls operated in a limited format 20% of the total annual period, the priority tasks in the company's management were to ensure financial stability and solvency. As a result, the costs were reduced by USD 2.2 million that is 17% compared to 2019. 
The company's underlying operating profit before revaluation of investment property was USD 21.7 million that is 11% less than in the previous year (USD 24.4 million in 2019). 
The gain on revaluation of investment property of USD 24.9 million was primarily related to an increase of rental rates in the functional currency caused by the growth of USD.  
The revenue was down by 13% to USD 32.3 million (USD 37.3 million in 2019). 
As a result, company’s net profit was USD 20.2 million. In 2019, this figure was USD 8.0 million. 
The total fair valuation of the portfolio decreased to USD 275.5 million due to uncertainty in the overall situation in retail caused by the social and economic factors, lockdown and COVID-19 challenges. That resulted in an increase in capitalization rates used in valuation of properties. In 2019, the total fair valuation the corporate portfolio was USD 289.3 million. 
Net asset value was therefore USD 119.4 million as at 31 December 2020. 
"It is obvious that state restrictions in the operation of shopping malls directly affected the company's financial performance. And financial analysts now analyze performance and market prospects in a different way, because a year-to-year comparison in these conditions is not relevant. 13% decrease in revenue, as well as 99% occupancy rate of Arricano shopping malls under these circumstances, demonstrates corporate resilience and resistance to unpredictable social and economic changes. It also hardens our team for new challenges in order to anticipate them as quickly as possible and respond with new solutions. And even though we were forced to limit costs, Arricano continued to invest in corporate social responsibility projects during 2020," said Anna Chubotina, CEO of Arricano.