Pillar Capital, AS demonstrates good performance in H1, profits amount to EUR 3.09 million
Following the business strategy of the Group introduced at the end of 2019, Pillar Capital, AS (the Company) in H1 2020 demonstrated good financial performance. According to the financial results of H1, the gross assets of the Group amounted to EUR 187.82 million, while the profit after taxes amounted to EUR 3.09 million. Group’s and Company’s performance complies with the management’s estimates.
Group’s financial results of H1 2020 are as follows:
- revenue in six months of 2020 amounted to EUR 10.86 million;
- modified EBITDA* as on 30 June 2020 amounted to EUR 1.58 million (*earnings before interest, taxes, depreciation and amortisation, investment property revaluation results);
- cash flow from operating activities amounts to EUR 1.82 million.
In April 2020, the Company made a decision to develop an A-class warehouse and logistics park on the land owned by the Company’s subsidiary NHC 4, SIA at 462 Maskavas St., Riga. Having invested at least EUR 18.3 million euros, there is going to be a warehouse and logistics park called A6 built with more than 32 000 square metres of new warehouse space constructed. It is estimated to complete the works by 31 July 2021. The new buildings are aiming to obtain BREEAM certificate that shall be the proof of their high quality, energy efficiency and compliance with the world class standards, thus becoming the first warehouse complex in Latvia with a BREEAM certificate.
Pillar Capital, AS is a company founded in 2006. The objectives of its operation include investing own and third party funds in commercial real estate objects to achieve sustainable increase in income from renting the premises and enlarging of the value of properties.