According to the audited data of 2016 the turnover of MG Valda, one of the largest real estate development companies group, was EUR 43 million (EUR 27.6 million in 2015) with a net profit of EUR 5.67 million. The audit of the company`s financial statements for 2016 was carried out by UAB PricewaterhouseCoopers.
“The objectives of 2016 were achieved as planned. The company`s turnover showed high enough increased growth compared to 2015, the main reason for this growth was the second phase of the residential houses “LightHouse” and „Pušų Terasos“ projects that successfully integrated into the market last year,” said Sigita Survilaitė-Mekionienė, Director General of MG Valda commenting on the results.
The company announced that the key sources of income in 2016 remained the sales of new flats that totalled EUR 32.6 million (EUR 17.7 million in 2015) and commercial asset lease activity that made up EUR 10.4 million (EUR 9.9 million in 2015). Like the previous year almost all income of 2016 (98 per cent) for the Companies Group was generated by private sector clients, income from the public sector accounted for about 2 per cent.
During 2016 MG Valda sold 354 flats and was one of the leaders in the capital with a share of about one tenth of all new flat sales. Last year the company offered residents about 500 new properties.
“This year we plan to invest about EUR 45 million, the bigger part of these investments – about EUR 25 million – will be in the development of residential projects. We see that the residential real estate market in the capital has potential for sustainable growth due to the dynamics of the number of residents, low interest rate environment and indices of property affordability. This year our priority will be in the third phase of the “LightHouse” and “Ąžuolų Terasos” residential sales, start of the first phase of “Paupys”, one of the major conversion projects in Vilnius old town. We will continue sales of “Užupio Krantinės”,” Ms.Survilaitė-Mekionienė added.
Last year MG Valda also started construction of the “Park Town” office complex in the capital. Construction of the first building of 7,200 square meters is planned to be finished in the middle of 2017; the second building with an area of 14,800 square meters will be finished in the last quarter of 2018.
At the end of last year development works of “Vilnius Business Park” (Ukmergės Str. 362) were started. “Apranga” group will be the first to open here a modern administrative and logistics centre occupying an area of 3.6 ha at the beginning of next year.
According to the public-private partnership agreement with the Police Department under the Ministry of Interior the company will start construction of Vilnius 1st police headquarters in P. Vileišio street and the detention facility in Birželio 23-iosios street.
“Teniso Pasaulis”, the subsidiary of MG Valda, manages the “SEB Arena” multifunctional sports, services and wellness centre for all the family. Two hotel management companies operating the “Urbihop” and “Artagonist” hotels in Vilnius also belong to the Group.
Social responsibility of the company
“In terms of social responsibility we comply with the policy of openness and consistency. Last year we continued to focus on initiatives directed at education progress, entrepreneurship and orientation to community. We hope that social projects form a very good platform to communicate directly with different communities and to demonstrate to them the values that drive us in our main activity, to reveal our principles through projects that we support,” said Ms Survilaitė-Mekionienė.
In 2016 the company provided support to “Junior Achievement”, the organisation that promotes entrepreneurship among pupils, implemented the project “I am for Lithuania”, organised events promoting neighbourhood and orientation to community for communities and business organisations of Vilnius districts and implemented several art projects aimed at city decoration and society development. Last year the company assigned EUR 325 000 for social projects.
About the company MG Valda
Established in 1995 MG Valda currently manages more than 20 companies engaged in real estate development and management and is also engaged in sports and hotel management.