Baltisches Haus revenue went up 7.43% to EUR 41.56 million in 2022
Baltisches Haus, a commercial real estate development and management company, achieved remarkable financial growth in the past year as its consolidated audited revenue reached an amount of EUR 41.56 million, representing a substantial increase of 7.43% compared to the previous year, 2021. This revenue growth excludes the impact of a one-off real estate transaction. When considering the company’s EBITDA (earnings before interest, taxes, depreciation, and amortization) in conjunction with its subsidiaries, a remarkable increase of 10.53% to EUR 26.34 million was observed during the same period. As a result of these favorable developments, the Group achieved a net profit of EUR 14.61 million, reflecting a notable surge of 23.71% compared to the previous year.
“The revenue increase is primarily due to the rise in rental and sublease income, which exceeded the previous year by EUR 2.43 million compared to 2021. This growth can be attributed to various factors, including the completion of development projects from previous years, the signing or extension of lease agreements, an increase in income resulting from the indexation of rental prices, and the absence of discounts granted in 2021. During the pandemic, the company provided discounts totalling EUR 1.28 million to support its business partners, while in 2022, after the lifting of pandemic-related operating restrictions, no such discounts were granted,” said Audrius Masionis, Director of Baltisches Haus.
The rise in the company’s net profit was mainly propelled by an increase in gross profit, which was facilitated by the growth in rental and sublease income. Consistent with the company’s donation policy, a noteworthy 4-5% of the net profit is dedicated to charitable contributions each year.
“In 2022, the company allocated a total of EUR 0.57 million in donations to various organisations, with a portion specifically designated for humanitarian aid, amounting to EUR 0.13 million, in response to the ongoing war in Ukraine,” says A. Masionis.
The Group’s cost of sales experienced a moderate increase of 3.88% to EUR 22.74 million, while operating expenses rose by 9.85% to EUR 2.90 million over the course of the year.
As of the end of 2022, the Group’s total assets reached EUR 211.61 million, representing a decrease of EUR 1.49 million compared to the previous year-end.
At the end of 2022, Baltisches Haus owned secondary property rental companies Limada, Megapilė, and Terra Regina.
The average number of employees within the Group during the past year was 52.
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