Arco Vara’s turnover tripled

The head of Arco Vara is Miko Niinemäe.Photo: Daisy Lappard

The Arco Vara real estate group’s turnover in the first nine months was 11.3 million euros, which is three times more than in the same period in 2020. The company reports this in a press release.

Arco Vara’s turnover in the third quarter was 613,000 euros, compared with 569,000 euros in annual comparison. If in the third quarter of last year the company had an operating loss of 126,000 euros, then for the same period of this year, operating profit was 294,000 euros.

Net profit for the third quarter was € 202,000 (Q3 2020: net loss € 228,000) and for the first nine months of this year € 2.4 million (9M 2020: net loss € 277,000).

According to the head of Arco Vara Miko Niinemäe, the quarter ended for Arco Vara is characterized, first of all, by a very successful issue of shares, the subscription to which was exceeded by almost five times.

“This is a significant result considering that many shares and bonds of other companies were issued at the same time,” notes Niinemäe. 6,116 new bidders took part in the subscription to Arco Vara shares. Arco Vara’s goal was to attract at least 1000 new investors. The number of Arco Vara shareholders has increased by about seven times over the past year.

The proceeds from the issue of 2.25 million euros will be used by Arco Vara to finance the following projects. According to Miko Niinemäe, the capital received will go both for the development of the Kodulahe Rannakalda project and for the soon-to-start project at Lake Harku, which will build about 400 new apartments on the Paldiski 124b land plot.

In addition, several Arco Vara projects are currently under construction.

“Arco Vara is currently building Phase IV and Phase V houses of the Kodulahe project in Merimetsa,” adds Niinemäe, according to whom the preliminary sales of the last five vacant apartments out of 72 completed were completed in the third quarter. – Thus, the concern is guaranteed a sales income of the Kodulahe project in the amount of 12 million euros by 2022. Construction progress and budget are on schedule. “

The next phase of Kodulahe is under construction – the Rannakalda project, which sales will start in the coming weeks: “The Rannakalda development project consists of 3 and 4-storey apartment buildings – a total of 108 houses and five commercial premises. A special feature of this complex is its location – as close to the sea as possible – only a bicycle and pedestrian path from Stromka to Rocca al Mare will run between the apartment buildings and the sea. On this project, we are also collaborating for the first time with Enefit Volt, which will, in a pilot project, make it possible to install a charging station for electric vehicles in every parking space – until now this convenience was not available for technical reasons. ”

Arco Vara is trading at € 2.83 at 10:30. Over the week, the share price fell by 7.6%.

Source: by

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