BriQ: Earnings jump by 207% in the first quarter

BriQ Properties informs that, according to the consolidated statements of the first quarter of 2022, the net profit after taxes, excluding profits from revaluation of real estate, amounted to € 1,046 thousand compared to € 341 thousand in the corresponding period last year, recording an increase of 207% . This increase is mainly due to the fact that the revenues of the first quarter of 2021 were reduced by € 633 thousand due to the mandatory measures for Covid-19 and in addition to the start of the lease of the newly built warehouse in Aspropyrgos.

The value of the real estate portfolio on 31.03.2022 is distributed per category of real estate as follows: 49% in logistics buildings, 29% in office buildings, 17% in hotels and 5% in other categories of real estate.

The Company recorded at a consolidated level an increase in its size in the first quarter of the year compared to the corresponding period last year, in particular:

– On March 31, 2022 the Group’s investments included 27 investment properties with a total value of € 122,147 thousand compared to 27 properties worth € 120,768 thousand on 31.12.2021.

– Rental income amounted to € 1,930 thousand compared to € 1,093 thousand in the corresponding period last year, recording an increase of 76.5%.

– Adjusted (1) earnings before interest, taxes, depreciation and amortization (EBITDA) increased significantly (111.5%) and amounted to € 1,453 thousand compared to € 687 thousand in the corresponding period last year.

Adjusted earnings before tax (EBT) increased by 135.1% and amounted to € 1,257 thousand compared to € 535 thousand in the corresponding period last year.

– Adjusted net profit after taxes increased by 141.4% and amounted to € 1,224 thousand compared to € 507 thousand in the corresponding period last year.

Cash on March 31, 2022 amounted to € 7,242 thousand compared to € 4,277 thousand on December 31, 2021.

The Ordinary General Meeting of April 19, 2022 decided to distribute a dividend totaling € 2,657 thousand or € 0.075 per share (net), from the profits of the year 2021 and previous years, which was paid to the beneficiaries on April 29, 2022.

As of March 31, 2022, the Group’s loan liabilities amounted to € 33,677 thousand compared to € 30,153 thousand as of December 31, 2021.

The Company on 31.03.2022 owned a total of 343,618 treasury shares with a total nominal value of € 722 thousand and an acquisition value of € 598 thousand, ie an average acquisition price of € 1.74 per share, while the intrinsic value of the share as at 31.03.2022 amounts to € 2.55. The owned own shares held on 31.03.2022 corresponded to 0.96% of the share capital of the Company.

For the whole of 2022 it is estimated that the results will show a significant increase compared to the previous two years (2021 and 2020) where revenues were affected by the mandatory rent reduction measures due to the Covid-19 pandemic, as well as revenues from the new developments of the logistics centers of the Company, the first stage of which was completed in January 2022.

Along with the positive outlook there are reservations due to the impact on the economy of rising energy and raw material prices, inflation and uncertainty due to the war in Ukraine.

Source: Capital

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