Radovan Vítek’s CPI Property Group released its 2019 financial results, showing an increase in revenue of 11% to EUR 672 million. While net business income grew 8% to EUR 345 million, and net profit rose 9% to EUR 685 million in 2019. The company’s net profit is higher than revenue because net profit includes the revaluation of assets.
“2019 was a year of many achievements for CPIPG. We grew our office portfolio, tightened our financial policy and strengthened our liquidity,” said Martin Nemecek, CEO of CPIPG. “The Group is resilient, diversified, flexible and fully committed to the regions where we operate. said Martin Němeček, CEO.
CPI Property Group is based in Luxembourg, and its shares are traded on the Frankfurt Stock Exchange. The company owns real estate in the Czech Republic, Hungary, Poland, Slovakia, Croatia, Switzerland, France, Romania, Russia, and Britain. Mr. Vítek owns 87.8% of the CPI Property Group.
The company’s latest transactions include the purchase of eight office buildings in Warsaw for EUR 800 million.
Last year, CPI Property Group issued bonds worth more than 1.2 billion euros in euros, Hong Kong dollars, and US dollars. The value of the real estate portfolio of the company increased by more than 20% to EUR 9.1 billion (up to EUR 1.6 billion).
Over 40% of the property consists of offices in Prague and Berlin. Retail buildings account for roughly 25%, and hotels and residential properties account for 10%. The Group also owns a land bank, industrial, agricultural, and logistics facilities. About half of CPI’s properties are in the Czech Republic.
In March this year, the CPI said it would cut costs in connection with the coronavirus crisis, and the austerity measures would also affect the number of employees. The company added that it is ready to deal with problems. “CPI is taking steps to reduce overhead and other costs, including staff and wages, wherever feasible,” she said. The company also said that it is reviewing its capital expenditures and development plans.
