Globalworth Real Estate Investments Ltd on Wednesday reported a surge in pretax profit during the first half of 2022 and an increase in its portfolio value compared to the end of 2021.

Globalworth is a Guernsey-based firm that invests in real estate in Central and Eastern Europe, with a particular focus on Poland and Romania.

For the six months ended June 30, Globalworth reported a pretax profit of €45.7 million. This was more than double the €18.9 million achieved the previous year.

Interim revenue grew 7.8% to €116.6 million from €108.1 million a year prior.

The firm’s combined portfolio value increased by 1.7% at June 30 to €3.2 billion against the end of 2021. Globalworth said this was mainly due to new acquisitions and a net positive impact of developments.

These developments, it explained, focused on high-quality logistic and light-industrial facilities in Romania and the refurbishment and repositioning of two mixed-use properties in Poland.

Total annualised contracted rent increased by 2.5% at June 30 at €188.4 million compared to the end of 2021. 92% of this was contracted in office and industrial properties.

Average standing occupancy in its combined commercial portfolio was 88.1% at June 30, this was marginally lower to December 31 when occupancy was 88.5%.

The company declared a dividend of €0.13 per share for the first half of its financial year, lower than €0.15 a year prior.

Globalworth added it will publish its half-year results during the week beginning September 19.

Shares in Globalworth were untraded at €4.53 on Wednesday morning in London.

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