TRASTOR reports significant increase in Group’s net profit for 2021
The measures taken by the Greek Government to address the effects of the Covid-19 pandemic resulted in a reduction of €1.5million on Group’s rental income.
Trastor REIC announced a significant increase in Group’s net profit for 2021 to €23.0mn, compared to €3.1million in 2020.
Earnings before interest, tax, depreciation, amortization, and fair value adjustments on investment properties amounted to €12.6million for 2021 compared to €7.7million in 2020, resulting in a significant increase of 63.6%.
Excluding gains from the adjustment of investment properties at fair value, the Group's net adjusted profits amounted to €6.1million in 2021, compared to €2.0million in the previous year. In addition, Group's rental income significantly increased by 38.7%, amounting to €18.14million in 2021 compared to €13.08million in 2020.
The measures taken by the Greek Government to address the effects of the Covid-19 pandemic resulted in a reduction of €1.5million on Group’s rental income, which is an 7.6% reduction of its annual contracted rental income.
During 2021, the Group acquired three (3) new properties, whilst it completed the acquisition of the remaining 20% of an undivided ownership interest of an office building. It also acquired the 100% of the shares of a company, owner of a property in Aspropyrgos, Attica.
Furthermore, the Company proceeded with the divestment of 10 properties and as of 31st December 2021, the Group’s investment portfolio comprised of 59 prime properties with a total surface area of 220.2 thousand sq.m. compared to 209.6 thousand sq.m. on December 31st, 2020.
On December 31st, 2021, Group’s investment portfolio amounted to €324.9million compared to €301.6million on December 31st, 2020.
Cash as of December 31st, 2021, amounted to €23.9million compared to €17.6million the previous year.
Group’s NAV (Net Asset Value) as of December 31st, 2021, amounted to €181.1million or €1.201 per share,
compared to €1.056 per share in 2020, indicating an increase of 13.7%.