Just as in prior periods, most of the company’s revenue was generated by real estate development: apartment sales, which comprised 20 million euro and premise rental, as well as related activities, which comprised 3.3 million euro. From sports and hotel and restaurant operations, the group received respectively 2.3 and 2.9 million euro in revenue.
As planned, last year, the company’s turnover was a third smaller than the year before due to expected property project sales cycles, also due to the flow objects realised in 2018: the business centres Park Town West Hill and Verslo Trikampis.
Darnu Group remains one of the sector’s leaders based on investment – in 2019, the company invested 74 million euro into real estate projects.
“We describe 2019 as an investment year, where the main focus was on the success of upcoming periods. Looking from today’s perspective, the strategy of investing in and working with high-class projects, which are resistant to market fluctuations in different cycles, is particularly relevant and justified. Despite the changes to economic circumstances due to COVID-19, we are not intent on fundamentally changing our long term plans – the projects we have started will be completed as planned and new ones – while briefly postponed are still being planned,” Darnu Group CEO Sigita Survilaitė-Mekionienė says.
It is planned for the COVID-19 pandemic-caused economic slowdown to adjust the company’s investment plans this year by around 10 million euro – 60 million euro is to be allocated to real estate project development.
In 2019, Darnu Group earned 15.3 million euro net profit and paid 6.2 million euro in tax to the state budget. For various social projects and their activities, 300 thousand euro were allocated.
Currently, the group is developing “Paupys”, the largest multifunctional conversion project in Vilnius Old Town, based on a public-private partnership, it is developing a police precinct and a holding facility in Panevėžys, administering two analogous police precinct and holding facilities in Vilnius, manages the multifunctional sports complex “SEB Arena”, the hotels “Urbihop” and “Artagonist”, the business centre “Park Town East Hill.”
By the end of 2019, the group owned property valued at a total of 200 million euro. Currently, the group employs 129 staff.
UAB PricewaterhouseCoopers performed the company’s financial report audit for 2019.
