Growth continues at Urmas Sõõrumaa's companies
Sales revenue of Urmas Sõõrumaa's investment company U.S. Invest grew to €16 million and that of Forus Group to €39.2 million last year.
Sales revenue of Sõõrumaa's U.S. Invest grew from €13.8 million to €16 million, profit from €2.2 million to €16.8 million.
The company's activities were affected by the coronavirus and the war in Ukraine that has caused buying in prices to skyrocket, which is holding real estate development back.
U.S. Invest's consolidation group included the parent company and 31 subsidiaries.
The company continued development of the Patarei Sea Fortress. While Sõõrumaa said last April that he plans to pause the development due to lack of funding, the company has returned to its initial plan of completing the project by 2026.
The group also includes Forus sports centers and the Golden Club activities of which were suspended due to Covid restrictions early last year. This hit the company's planned revenue.
Next to the sea fortress, the Ahtri 3 property between the Admiralty Pool and the Rotermann Quarter is the group's largest development. Last year, U.S. Invest's focus was on the plot's detailed plan.
While Sõõrumaa paid dividends worth €1.3 million the year before last, no dividend payments are planned for 2021.
In February 2021, Sõõrumaa consolidated a number of ventures, including his security and taxi companies under the Forus trademark that is managed by U.S. Invest subsidiary Forus Group.
The largest company in the latter is Forus Security. Others include Forus Haldus, smart home solutions provider Techno Life, Forus Tehnika Rent, real estate developer Trovatex and Latvian security firm USS Latvia.
The group's turnover grew from €26.5 million to €39.2 million last year. The company's business profit was €223,000, up from a trading loss of €272,000 from the year before. The firm's net loss was still €518,000 last year.
Forus Group employs 1,613 people. The company made most of its sales revenue in Estonia, with 7.1 percent generated in Latvia and 0.2 percent from other EU Member States.
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Editor: Marcus Turovski