The Management Board of Hepsor AS has prepared the audited annual report for 2023. Compared to the unaudited interim report published on 14 February 2024, there are no material differences in the audited report. The consolidated sales revenue of Hepsor for…
GROUP CEO’S REVIEW While 2021 and 2022 were a sprint on the real estate market, last year marked the start of a marathon in the heat of Euribor. The base interest rates of the central bank have pushed both investors…
SIA Merks Mājas, part of AS Merko Ehitus group, has launched the Lucavsala residential project on Lucavsala island on the Daugava River in Riga. The first stage of the project comprises a connected complex of three building with 214 apartments…
Estonia’s GDP dropped 2.7% year-on-year in Q4 2023 and 3.0% in 2023 in real terms (non-adjusted), according to Statistics Estonia. In quarter-on-quarter comparison, GDP continued to contract in Q4, falling by 0.7% (swda). Nominal GDP growth slowed to 4.6% in…
OÜ Merko Kodud, part of AS Merko Ehitus group, has decided to launch the fifth stage of Erminurme residential development project in Tartu Parish. The stage includes two buildings at Erminurme Road 2 and Erminurme Road 22 with 36 apartments,…
Hepsor’s 2023 consolidated revenue amounted to 41.1 million euros, with a net profit of 3.5 million euros (including a share of 1.2 million euros for the parent company’s owners). The consolidated revenue for the fourth quarter of 2023 was 5.1…
COMMENTARY FROM MANAGEMENT Merko Ehitus revenue was EUR 126 million in Q4 2023, and the revenue for 12 months amounted to EUR 466 million, while the respective figures for net profit were EUR 13.9 million and 12 months was EUR…
Economic environment The construction market has experienced rapid evolution in recent years, with notable trends emerging in 2023 following developments that began in 2022. These shifts have profoundly impacted companies within the construction sector. Persistently high inflation and interest rates…
OÜ Merko Kodud, part of AS Merko Ehitus group, has decided to launch the first stage of Õielehe residential development project in Rae parish in Jüri. The development project includes in total ten apartment buildings with 121 apartments and four…
No policy changes from the ECB, deposit facility rate kept at 4% March projections are key in timing the upcoming rate cuts The ECB policy statement provided no news – all key interest rates were kept unchanged, asset purchase portfolio…
Hepsor JG SIA, Hepsor AS group company, and Latvian affiliate of Bigbank AS signed a 4 million loan agreement on 08 December 2023. The purpose of the three-year loan is to finance the construction of Annenhof Majas development project in…
Economy is in a (mild) recession, inflation below the ECB expectations. The ECB will probably lower inflation forecasts but is likely to push back against market expectations of imminent and rapid rate cuts. Economic activity remained subdued in November –…
Hepsor JG SIA, a subsidiary of Hepsor AS Group, and Mitt&Perlebach SIA signed a contract on November 20, 2023, for the construction of a development project named Annenhof Majas in Riga, located at Jurmalas Gatve 74. The construction contract is…
Nordecon AS and Rotermann Pluss OÜ, the owner of the Golden Gate office building being developed by US Real Estate, entered into a contract for the design and construction of the office building in Tallinn, located at Ahtri 6. The…
COMMENTARY FROM MANAGEMENT Q3 2023 revenue for Merko Ehitus was EUR 122 million and for the nine months was EUR 340 million. Net profit in Q3 was EUR 12.7 million and net profit for the nine months increased to EUR…
