Tower Investments had PLN 0.26 million in net profit, PLN 2.4 million in EBIT in 2021

Tower Investments recorded PLN 0.26 million of consolidated net profit attributable to shareholders of the parent company in 2021 compared to a loss of PLN 7.32 million a year earlier, the company said in the report.

The operating profit amounted to PLN 2.4 million against PLN 5.42 million loss a year earlier.

Consolidated sales revenues reached PLN 50.02 million in 2021 compared to PLN 19.39 million a year earlier.

“The group's activities are slowly returning to the pre-lockdown state. In 2021, investment projects moved from the previous year and most of those planned for 2021 were implemented. The profitability of the investment is lower than expected due to the unexpected increase in construction costs with the simultaneous earlier determination of the investment sale rate. The COVID-19 coronavirus pandemic also had an impact on the financial result of the capital group by the necessity to make the necessary write-downs on the value of receivables from long-term construction deposits, the recovery of which may be difficult due to the deterioration of the condition of the then business partners "- reads the report.

On a standalone basis, the net profit in 2021 amounted to PLN 1.96 million compared to PLN 2.49 million loss a year earlier.

Tower Investments specializes in comprehensive development services for the largest retail and service chains: from choosing the right location, through the purchase of real estate and obtaining the necessary administrative permits, to turnkey construction. Moreover, it is the owner of the SHOPIN brand. In 2017, the company switched to the main market of the Warsaw Stock Exchange from NewConnect.

Source