Its revenues increased by 16.8% to 7.6 million euros REDS during this year’s nine months from 6.5 million euros in the corresponding period last year. The main reason was the rise in traffic to the shopping park Smart Park. Even more positive is the performance of the operating EBITDA profitability, as it reached 9.6 million euros, from 4.4 million euros, increased by 119%. This large increase is due to an extraordinary profit, amounting to 5.7 million euros, from the sale of a property in Romania.
Accordingly, net profit after tax registered an annual increase of 313.5% to 3.83 million euros.
The group’s subsidiary Elektor is in a transitional period regarding its investment orientation, as after a long period of time it is launching its next developments, utilizing the high liquidity, over 90 million euros, that will be formed after the completion of the sale of Smart Park to Trade Estates of the Fourlis group, but also the very low borrowing, which will allow new capital leverage. REDS will focus on the development of the Cambas Project in Kanza and the property in Gournes, Heraklion, Crete, two investments that will require a total of 320 million euros. According to a recent presentation of the Ellactor group, 50% of these funds will come from loans from the Recovery Fund, 30% from bank loans and 20% from equity.
In the Cambas project, a development of 88,900 sq.m. is planned. in a total area of 315 acres. The project includes the construction of 50,000 sq.m. of green office buildings, 25,000 sq.m. cultural spaces and 16,500 sq.m. shopping areas and restaurants. Accordingly, on the area of 346 acres in Gournes of Crete, the development of a mixed-use complex with an area of 59,000 sq.m. is being promoted. The goal is to create a complex tourist accommodation, which will include casinos, shopping centers, a marina and a conference and exhibition center. At the same time, the optimal utilization of plots of land, with a total area of 100 acres, owned by REDS around the Smart Park is being examined.
