Summus Capital’s sales revenue increased to 9.7 million euros in the second quarter

The balance sheet of the Baltic real estate investment holding company group “Summus Capital” for the second quarter of 2022 has increased to 430 million euros, according to the consolidated financial report published by the group.

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The group informs that in the first quarter of this year, the balance of “Summus Capital” was 404 million euros. Last year, the value of the company’s total assets increased by 26.1 million euros, mainly due to the purchase of the Riga shopping center “Damme” at the end of April this year.

At the end of the second quarter, loans and borrowings increased to 225 million euros (206 million euros in the 1st quarter of 2022), which was mainly determined by the new bank loan for financing the purchase of the shopping center “Damme”. Total liabilities increased to 248 million euros (an increase of 8.6% as of March 31, 2022).

In the second quarter of this year, the total equity capital of the owner increased to 182 million euros, of which 173 million euros are attributable to the holders of “Summus Capital” capital shares.

The company also informs that in the second quarter of 2022 sales revenue increased to 9.66 million euros, which is 13.7% more than in the previous quarter. The main reasons for the increase were the addition of new properties, the indexation of rental income and the increase in transferred utility expenses. Sales revenue for the half year of 2022 reached 18.2 million euros, which is 11.1 million euros less than in 2021, when the total sales revenue was 29.3 million euros.

“2022. The second quarter of the year has been productive – good financial results have been achieved, and the shopping center “Damme” has joined our portfolio. “Due to the restrictions of Covid-19 and the political and macroeconomic situation, and their potential impact on the operations of the holding company, we need to carefully monitor and monitor Summus Capital in the future so that the third quarter will also be successful and profitable”, says the member of the board of Summus Capital Hans Pihl.