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Millenium Lost €15 Million in 2020 Despite Increasing its Revenues by 77%

The hotel Socimi increased its revenues by 77% in 2020 to 8 million euros.

Like most companies in the sector, Millenium, the hotel Socimi, has blamed the impact of coronavirus for its disappointing results last year. The company lost 14.9 million euros in 2020, despite increasing its revenues by 77% to 8 million euros. Turnover grew due to an increase in rents and in the operating result from Golf La Alcaidesa.

The results contrast with those recorded in 2019, when the Socimi multiplied its net profit by 14.4x to reach 22.78 million euros, mainly due to an almost 11% uplift in the value of the assets it had acquired, in a year without coronavirus and when the firm was very active in terms of purchases.

Read the full article in Spanish.

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