The turnover of Sõõrumaa US Invest increased from EUR 13.8 million to EUR 16 million and the profit from EUR 2.2 million to EUR 16.8 million.
The company’s operations were affected by the coronavirus and the war in Ukraine, which caused a significant increase in purchase prices, which led to a decline in real estate development.
US Invest’s consolidation group includes a parent company and 31 subsidiaries.
The company continued to develop the Batari sea fortress. While Sõõrumaa announced last April that it planned to halt development due to lack of funds, the company has reverted to its original plan to complete the project by 2026.
The group also includes Forus sports centers and Gold Club activities, suspended due to Covid restrictions early last year. This affected the company’s anticipated revenue.
Adjacent to the seaside fortress, Ahtri 3, located between the Admiralty basin and the Rothermann district, is the largest development of the group. A detailed plot plan was US Invest’s goal last year.
While Sõõrumaa paid dividends of € 1.3 million in the previous year, no dividends were planned for 2021.
In February 2021, Sõõrumaa merged several projects, including its security and taxi companies, under the Forus brand, managed by the US Invest Forus Group subsidiary.
The latest big company is Forus Security. Others include Forus Haldus, smart home solutions provider Techno Life, Forus Tehnika Rent, real estate developer Trovatex, and Latvian security firm USS Latvia.
The group’s sales volume increased from € 26.5 million to € 39.2 million last year. The company’s commercial profit was 223,000 euros, compared with a loss of 272,000 euros the previous year. The company’s net loss last year was still € 518,000.
Forum Group has 1,613 employees. The company made the majority of its sales revenues in Estonia, 7.1% in Latvia and 0.2% in other EU member states.
–
Follow the news ERR Facebook And Twitter And don’t miss an update!
