Arricano's revenue increased by 19% in 2017
On April 26, 2018, Arricano Real Estate Plc, the leading developer and network operator of shopping malls in Ukraine, published its consolidated financial results for the 2017.
In 2017 Arricano's revenues have increased by 19% in the reporting currency (US dollar) and amounted to USD 27.5 million. At the same time, the total net profit has reached USD 25.8 million. The company notes that, due to the new business model and innovative management solutions, it is possible to build up the corporate potential and accumulate revenues even in conditions of a protracted crisis and with low purchasing power. The main thing is the ability to generate effective traffic.
Mykhailo Merkulov, the CEO of Arricano, notes: «In 2017, we've identified and eliminated the «pain points» of our customers and users, developed and implemented new Service concepts and communication platforms for interaction with customers, invested in partner educational projects, and tested new offline retail formats. Thanks to the innovative approaches and well-coordinated teamwork between all departments of Arricano, we've managed to achieve not only significant financial indicators, but also to study and use the market's hidden opportunities».
Arricano's operational profit in 2017 has increased by 2 times - up to USD 65.5 million, compared to USD 43.8 million in 2016.
The total real cost of company’s portfolio has increased by 26% and amounted to USD 221.2 million as of December 31, 2017 (compared to USD 175.7 million in 2016).
Tetiana Novytska, the Financial Director of Arricano Real Estate Plc, comments: «The results of 2017 demonstrate the growth of business indicators, evidencing the correctly chosen strategy by the Arricano group, including effective operational and financial policies. Innovative management approaches, business process automation, integrated approach and professional team ensure the achievement of the set financial goals and Arricano's sustainable development».
As of December 31, 2017, the company's loans for projects remain at a conservative level, while the bank loans' share in the investment property cost is 19.5% compared to 28.5% in 2016.
The net assets' cost has increased by more than 2 times in 2017 and amounted to USD 52.2 million (compared to USD 24.2 million in 2016).