Summus Capital’s sales revenue increased by more than a third
According to the audited annual financial statement published by the Baltic real estate investment holding company Summus Capital, the company’s sales revenue rose to 39 million euros by the end of 2022, compared to 29 million euros in 2021.
Last year, Summus Capital’s sales revenue increased by a third year-on-year, from 29.2 million in 2021 to 39.0 million in 2022. The company’s net profit in 2022 was 13.95 million euros, while its balance sheet total grew to 429.1 million euros.
According to Hannes Pihl, Member of the Management Board of Summus Capital, the company faced a number of challenges in the global economy last year, ranging from rising energy prices to general inflation and growing interest rates. Global macro problems were accompanied by geopolitical tensions. “Despite these challenges, we have remained consistently committed to sustainability at Summus Capital, focusing on maintaining our current portfolio and strengthening our relationships with tenants and financiers,” he said.
Pihl was pleased that Summus Capital succeeded in acquiring the Damme shopping centre in Riga last year and sold a production building in Tartu at the end of the year. “In addition, we have refinanced older loans and thus strengthened our liquidity position in order to prepare for possible uncertain times.”
“We strive to be leaders and role models in the field of sustainability in the Baltics,” Pihl added. “We remain committed to making progress in efficiency and strategic development in various environmental, social and governance areas.” Summus Capital applied for GRESB certification in 2022 for the first time. GRESB is an international organisation that evaluates sustainable investment practices and property owners’ green and sustainability policies in the ESG (environmental, social and governance) field. Various standards set by GRESB are integrated into the management of Summus Capital’s portfolio. “In addition, we have supported and will continue to support the Baltic society and outstanding young tennis players in 2023 through our passion for tennis,” Pihl noted.