The net profit of Arricano Real Estate Plc (Cyprus), the managing company and developer of a number of shopping and entertainment centers in Ukraine, amounted to $8 million in 2019, which is 4.7 times less than in 2018. According to a company report released on the London Stock Exchange, its revenue last year increased by 18.2%, to $37.3 million.
The losses from revaluation of Arricano’s investment property in 2019 were $12.2 million, compared with profit from revaluation of investment property of $42.25 million a year earlier.
“In connection with the increase in the hryvnia to U.S. dollar exchange rate in 2019, a loss from revaluation of investment property for the total amount of $12.2 million was reflected. This was more than fully offset by currency conversion adjustments related to investment property,” the company’s report said.
As a result, the total fair value of Arricano’s investment property increased by 11.9%, to $289.3 million as of December 31, 2019. The increase in portfolio value was mainly due to an increase in rental income from operating real estate.
In addition, the net value of assets jumped by 36%, to $127.9 million, or $1.24 per share.
Arricano Real Estate Plc specializes in construction of shopping and entertainment centers, it is one of the leading developers in the Ukrainian real estate market.
