![BriQ Properties: 207% increase in first quarter profits](https://www.ot.gr/wp-content/uploads/2022/03/BriQ-768x366-1.jpg)
BriQ Properties announced profits of 1,046 million euros compared to 341 thousand euros in the same period last year, 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 euros due to the mandatory measures for Covid-19 and in addition to the start of the lease of a 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.
Increase in sizes
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:
As of March 31, 2022, the Group’s investments included 27 investment properties with a total value of 122,147 thousand euros compared to 27 properties worth 120,768 thousand euros on 31.12.2021.
Rental income amounted to 1,930 thousand euros compared to 1,093 thousand euros in the corresponding period last year, recording an increase of 76.5%.
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) increased significantly (111.5%) and amounted to 1,453 thousand euros compared to 687 thousand euros in the corresponding period last year.
Adjusted earnings before tax (EBT) increased by 135.1% and amounted to 1,257 thousand euros compared to 535 thousand euros in the corresponding period last year.
Adjusted net profit after taxes increased by 141.4% and amounted to 1,224 thousand euros compared to 507 thousand euros in the corresponding period last year.
Cash on March 31, 2022 amounted to 7,242 thousand euros compared to 4,277 thousand euros on December 31, 2021.
The Ordinary General Meeting of April 19, 2022 decided to distribute a dividend totaling 2,657 thousand euros, ie 0.075 euros 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 euros compared to 30,153 thousand euros on December 31, 2021.
Estimate for 2022
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
mandatory measures to reduce rents due to the Covid-19 pandemic, as well as from the revenues from the new developments of the logistics centers of the Company, the first stage of which was completed in January 2022.
Reservations
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.
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