Hili Properties plc - Interim Results

On 30 August 2022, Hili Properties plc published its interim financial statements covering the six-month period ended 30 June 2022.

Revenues surged by 34% to a record high (at interim stage) of €5.08 million (H1 2021: €3.79 million) largely reflecting the contribution from the newly acquired properties located in Lithuania and Latvia.

Operating expenses (net of other income) increased by 31.3% to €2.05 million, thus resulting in an operating profit of €3.03 million compared to the €2.23 million figure reported in the first half of 2021.

Meanwhile, the financial performance of Hili Properties was dented by a net investment loss of €0.46 million. Moreover, net finance costs increased by 23.8% to €1.9 million as total borrowings (comprising bank loans and debt securities in issue) increased to €95.5 million compared to €80.5 million as at the end of June 2021.

After accounting for a tax charge of €0.27 million, Hili Properties reported a net profit of €0.41 million compared to the €0.53 million figure posted in the first half of 2021.

In terms of financial position, total assets increased by 4.3% to €217.7 million compared to €208.7 million as at the end of 2021. Similarly, total liabilities grew by 8.8% to €106.4 million. Nonetheless, given the sharper increase in assets than liabilities, total equity expanded by 0.4% to €111.3 million which, in turn, translates into a net asset value per share of €0.2776.


In their commentary, the Directors explained that Hili Properties continues to manage its current portfolio of properties and acquire and dispose of properties as necessary with the purpose of meeting the needs of its business operations.

The fundamental aim of the company is to grow its portfolio with attractively located, high quality, income-producing investment properties with a view of delivering income and capital growth through active asset management. The strategy adopted by Hili Properties is to source investment opportunities mainly through its extensive network of relationships, which includes corporate and private landlords, brokers, and domestic banks.

Despite the prevailing global macroeconomic challenges, Hili Properties explained that it owns a solid portfolio of real assets which provide strong cash flows. Indeed, following the acquisitions concluded in recent months, the company remains committed to the execution of its strategy, and grow its portfolio of assets responsibly and sustainably.