Net profit of Arricano Real Estate Plc (Cyprus), a management company and developer of a number of shopping and entertainment centers in Ukraine, in 2021 amounted to $37.9 million, which is 1.8 times more than in 2020.

According to the company's report published on the London Stock Exchange (LSE) on Monday, its revenue last year rose by 15% to $37.2 million, as a result of the easing of quarantine restrictions in Ukraine.

Arricano's 2021 gain on revaluation of investment property totaled $29 million, primarily related to an increase in rental income of investment properties.

At the same time, underlying operating profit before revaluation of investment property increased by 16% and amounted to $25.1 million.

As of December 31, 2021, the total fair value of Arricano investment property grew by 17.5% to $323.9 million.

In addition, net asset value increased by 37.1% to $163.8 million.

Arricano said that it had $8.5 million in cash and cash equivalentsat the start of 2022, compared to $12 million a year earlier. The volume of the company's noncurrent debt rose by 6.7% to $134.5 million, while the current debt fell by 20.3% to $40.6 million.

Arricano's spending last year was cut by 56.9%, or $18.3 million.

According to the report, in 2021 the company signed 84 new lease agreements covering a total area of 9,700 square meters, representing 6.6% of the operating area. The company said that the composition of tenants was optimized, a number of stores were remodelled. At the end of 2021, the occupancy of the company's centers was 99%.

The number of visitors to the mall in 2021 fell by 4.2% compared to 2020, and amounted to 37.7 million.

"Thanks to efforts of our team, Arricano is well positioned to manage the unprecedented challenges the people and businesses in Ukraine are facing in 2022 since the military invasion of Russian troops to Ukraine. The strong operational performance delivered in 2021 and proactive leasing strategy meant that the Company was close to achieving pre-COVID tenant sales and visitor numbers continued to rise. Looking ahead, we are determined to manage the business through the current crisis and emerge again with the ability to continue to grow," Ganna Chubotina, CEO of Arricano, was quoted in the report.

The company said that with the outbreak of the full-scale war, construction work on the projects was suspended.