Arricano Real Estate PLC - Kyiv-based shopping and entertainment centres developer focused on Ukraine - Last week Monday said 2021 profit grew 80% to USD44.7 million from USD24.8 million in 2020. Revenue increased 15% to USD37.2 million from USD32.3 million. "The war in Ukraine has created significant uncertainty and distress. Nevertheless, all of Arricano's shopping malls have remained open and continue to trade, albeit at reduced volumes," firm explains. Does not declare any dividends.
Regarding its future, Arricano says: "We cannot forecast the outcome or the impact of the current war in Ukraine but we believe we will get through all challenges and emerge in a position to move forward rapidly again."
Arricano, in May, had said it was unable to publish 2021 results by the June 30 deadline due to the ongoing war. As a result, shares were suspended.
Current stock price: USD0.40
By Tom Budszus; tombudszus@alliancenews.com
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