Briq Properties AEEAP’s financial results are expected to improve in 2022 as management believes revenues in the previous two years were negatively impacted by mandatory pandemic rent reduction measures, while the company is now recording higher revenue from investments made in logistics centers.

In this context, in the first half of this year, Briq recorded a 55% increase in revenue to 4 million euros. At the same time, adjusted profit after taxes was 2.4 million euros from 1.3 million euros, an increase of about 90%. If we also calculate the profit from the revaluation of real estate to fair value (4.9 million euros), net profit after taxes increased by 129.2%, to 6.9 million euros.

Between January and June, AEEAP invested 4 million euros.

The value of the Briq Properties real estate portfolio also increased by 7% compared to the end of 2021 to 130.7 million euros from 122 million euros. During the first half of the year, the listed company invested 4 million euros in the existing property and in particular in the construction of a new logistics building in the Aspropyrgos area, which will frame the current property of 20,700 sq. m., which began operating in February, being leased to Infoquest Technologies.

The company’s goal is to further increase the value of the portfolio to 150 million euros by the end of 2022. An important role in achieving the goal will be played by the completion of the project to expand the existing warehouse in Aspropyrgos by 4500 sq.m. .