Summus Capital Sales Revenue of 3rd Quarter 2022 Increased to 11.2m EUR
According to the un-audited financial statement released by the Baltic real estate investment holding Summus Capital, its sales revenue in third quarter of the year grew 16% compared to previous quarter and reached 11.2m EUR. By the end of 3q2022 Summus Capital OÜ balance sheet was 425m EUR.
The main reason for the growth of sales revenue was increase in forwarded utility expenses, complemented with indexation of rental income and also previous addition of new property and related revenues. 2022 nine months sales revenue reached 29.4m EUR (2021 total sales revenue was 29.3m EUR).
In July, Summus Capital Group finalised acquisition of Riga Plaza shopping centre and became the 89% owner of Riga Plaza, which also received BREEAM Good certificate. As of end of 3rd quarter, 54,7% of Summus Capital portfolio is now certified. The long awaited opening of MyFitness took place in the end of September in Riga Plaza. In Estonia, in Auriga Shopping Center anchor Kesko Senukai lease agreement was prolonged for 5 years.
Total assets of Summus Group decreased by 4.8m EUR and cash decreased by 5.9m EUR, among others due to finalisation of Riga Plaza acquisition transaction. Loans and borrowings decreased to 221m EUR (2q2022 225m EUR), which beside regular bank loan redemption, was also influenced by finalisation of Riga Plaza acquisition. Total liabilities decreased to 241m EUR.
According to Aavo Koppel, CEO of Summus Capital, 3q2022 has been a quarter of regular operational activity. “Previous growth strategy has been temporarily changed into hold strategy,” said Koppel.