Prodea Investments announced that profits from continuing operations for the nine months of 2021 amounted to € 121.8 million compared to € 41.2 million in the corresponding period of 2020.
The net profit from revaluation of real estate investments at fair value amounted to € 57.4 million (compared to net losses of € 8.6 million in the first nine months of 2020) reflecting the positive trend of the commercial real estate sector in Greece.
Earnings before interest, taxes, depreciation and amortization, revaluation of real estate and other non-recurring assets (adjusted EBITDA) amounted to € 75.3 million in the first nine months of 2021 compared to € 77.2 million in the nine months of 2020 and operating capital Funds from Operations (FFO) amounted to € 46.6 million in the first nine months of 2021 compared to € 54.3 million in the corresponding period of 2020.
The turnover of the Group for the nine months of 2021 amounted to € 98.5 million compared to € 102.1 million in the corresponding nine months of 2020.
Regarding the effects of the Coronavirus pandemic (COVID-19) for the nine months of 2021, the Group’s rental income was not significantly affected by the pandemic due to the small exposure of the Group’s real estate portfolio to companies affected by the pandemic. .
More specifically, the reduction in rents for the nine months of 2021 amounted to € 2.1 million for the Group and € 1.3 million for the Company. The energy crisis did not affect the activity and the results of the Group and the Company in the nine months of 2021. The Management is in a waiting phase and is evaluating the situation.
The Group’s Internal Value (NAV) on September 30, 2021 amounted to € 1,381.4 million or € 5.41 per share compared to € 1,367.9 million and € 5.35 per share respectively on December 31, 2020.
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Source From: Capital
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