The turnover of tenants of five shopping centers in Lithuania and Latvia, managed by Akropolis Group, the Baltic States’ leader in the development and management of shopping and entertainment centers, increased from 224.9 million euros to 487.2 million euros, more than doubling growth compared to a year ago. The like-for-like comparison with 2019 shows an increase in tenant turnover of 27%. In the first half of the year, as pandemic restrictions were eased, shopping malls managed by the group had 18.5 million visitors. Akropolis Groups’ main financial indicators exceeded pre-pandemic levels.
“The spring cancellation of the National Covid Certificate and other pandemic restrictions, allowed us to return to business as usual this year. We were pleased to see that visitors enjoyed their return to in-person shopping and leisure activities at malls. This is also reflected in the growth in tenant turnover, which reached an all-time high. ”- says Manfredas Dargužis, CEO and Chairman of the Board of Akropolis Group. – “The group’s financial results were positively influenced by Akropole Alfa, which was acquired last year. We fully integrated the Riga shopping center into the Akropolis family this year.
According to consolidated data, the turnover of the Akropolis group from January to June 2022 amounted to 54 million euros, and the profit before interest, taxes, depreciation and amortization (EBITDA) was 36.4 million. euros, i.e. respectively 49% and 37% more than in the first six months of last year. The like-for-like comparison with 2019 shows an increase in Group revenue and EBITDA of 14% and 9%, respectively.
In the first half of this year, Akropolis shopping centers welcomed 18.5 million visitors, 68% more than the same period last year or 42% more if Akropole Alfa is not included . Meanwhile, from January to June 2019, the then-operating malls managed by the Akropolis Group had 16.9 million visitors.
Occupancy rates in shopping and leisure centers remained high from January to June this year, with only 2% vacancy.
This year Akropolis Group completed the integration of its second shopping center in Riga acquired in the autumn of last year into its group structure, also changed its name to Akropole Alfa. In May, the Group presented its preliminary plan for the construction of a new one-storey building of approximately 3,500 square meters GLA next to Akropolis Klaipėda. The latter will expand the offer of goods and services to Akropolis visitors in the Lithuanian port city.
Currently, Akropolis Group pays a lot of attention to the ambitious Akropolis Vingis conversion project in Vilnius Vilkpėdė district. The Vilnius Regional Council of Architects (VRCA) gave a positive assessment of the architectural solutions of the multifunctional cultural, entertainment, business and commercial complex, the design proposals of the project were presented to the public in July.
For more information:
Dominykas Mertinas
Head of Marketing and Communication Department
AKROPOLIS GROUP, UAB
+370 64027001
[email protected]
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Condensed consolidated interim financial statements for the six-month period ended June 30, 2022
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