Over the three years of war in Ukraine, the financial indicators of the largest shopping and entertainment centers (SEC) have undergone significant changes, according to analysts.
This is reported by Finway
Finances of SEC Respublika Park
The SEC Respublika Park, which opened in 2021, reported revenues of ₴96.54 million, with a loss of ₴256.57 million. In 2022, revenue increased to ₴458.14 million, and profit reached ₴5.6 million. During 2023-2024, the SEC’s revenue grew to ₴1.2 billion and ₴1.4 billion respectively, with net profits of ₴82.2 million and ₴47.3 million.
Changes in Blockbuster Mall and Lavina Mall
Blockbuster Mall, which opened in 2019, earned ₴4.57 million before the war, but in 2021 it suffered losses of ₴0.18 million. In 2022, revenue decreased to ₴3.5 million, with a minimal loss of ₴0.04 million. In 2024, the SEC’s financial results improved: revenue rose to ₴365.05 million, and profit amounted to ₴0.33 million.
Lavina Mall, which began operations in 2016, earned ₴935 million in 2021, but ended the year with losses of ₴247.05 million. In 2022, profit decreased to ₴606.4 million, and net loss exceeded ₴1.2 billion. However, in 2023, the SEC managed to turn a profit, achieving a net profit of ₴0.18 million.
Dream Town, opened in 2009, earned ₴560.69 million before the war, but in 2022, revenue was only ₴357.49 million, remaining unprofitable. In 2024, revenue increased to ₴678.51 million, but the SEC remained in the red: ₴124.54 million in 2021, ₴213.54 million in 2022, and ₴17.56 million in 2024.
Ocean Plaza, which opened in 2012, is currently under the management of the State Property Fund and is preparing for privatization. In 2021, the SEC reported ₴1.1 billion in revenue with a net profit of ₴234.41 million. However, in 2022, revenue decreased to ₴361.58 million, and the loss amounted to ₴1.9 billion. Throughout 2024, the SEC generated ₴962.3 million in revenue but incurred losses of ₴1.4 trillion.