The Trigema investment group has published its Annual Report for the past year, showing that the company’s consolidated revenue decreased slightly year on year to CZK 1.646 billion. The company’s total assets increased to CZK 7.320 billion, up from CZK 6.126 billion in the previous year. The results were influenced primarily by the transfer of new apartments to the Group’s fund and by several construction contracts. Despite the numerous challenges faced by the sector as a whole, Trigema demonstrated its resilience and ability to adapt to changing market conditions.
“2023 presented yet another challenge, not only for our company, which we faced with determination and due respect for the circumstances around us. Against the backdrop of the ongoing conflict in Ukraine and growing economic difficulties associated with inflation and high interest rates, our company encountered a number of demanding challenges. High interest rates slowed activity in the real estate market, negatively affecting both residential construction and apartment sales. These factors created an environment of economic uncertainty that required caution and strategic planning. Nevertheless, despite these difficulties, we achieved solid financial results. Thanks to the dedicated work of our employees and strong leadership, we were able to adapt to changing conditions, maintain stability, and grow our business,” explains Marcel Soural, Chairman of the Board of Trigema.
Residential development remained the Trigema Group’s primary focus in 2023. The unique Fragment rental housing project was completed and immediately received a wide range of awards from industry experts in the Czech Republic and abroad. In 2023, the prestigious Best of Realty competition recognised Fragment in two categories. It was named the best large-scale residential project and Environmental Project of the Year. It also received awards in the Building of the Year and CIJ Awards competitions and won the highest accolade at the CEEQA Awards, where it was named Residential Development of the Year. The CEEQA Awards are regarded as one of the most prestigious real estate awards in Central and Eastern Europe.
Alongside apartment sales, Trigema continues to develop rental housing projects with its future portfolio in mind, particularly within the Fragment project and the new LIHOVAR district. While the iconic Fragment project was completed in 2023, construction of the LIHOVAR district in Prague’s Smíchov neighbourhood continued. Pre-sales of the first apartments were also launched. The entire complex will offer approximately 535 units, ranging from compact one-room apartments with kitchenettes to spacious luxury five-room apartments with kitchenettes, including premium layouts, duplexes, and even residences within the iconic chimney. Apartments will be available both for sale and for rent. Construction also continued in 2023 on the multifunctional Paprsek complex in Prague’s Stodůlky district, which will provide nearly 300 apartments together with ground-floor commercial space.
A wide range of contracts carried out by Trigema’s construction division for external investors made a significant contribution to the company’s financial results. These included projects for the Administration of State Material Reserves in Kostelec and Jičín, as well as two multi-storey car parks in the Prague area—one in Čelákovice and another on Petržílkova Street in Nové Butovice. The Petržílkova car park received an award in the Building of the Year 2023 competition for its architectural design. Construction also continued on the Laboratory Imaging Systems offices, while cooperation with the long-standing investor TTC remained ongoing.
The Group also operates the Monínec resort, which launched its winter season as one of the first ski resorts in the Czech Republic. The summer season at Monínec began on 13 May 2023. Occupancy remained similarly high to the previous year, while revenues were even higher. The leisure segment also includes Dog in Dock winery, which began construction of the first phase of its new winery complex in Veselí nad Moravou last year, including apartments and a bistro. The operations of the Science and Technology Park and the Roztoky Science Park also made a positive contribution to the Group’s financial results.
At a time when both Europe and the Czech Republic are facing numerous challenges, corporate social responsibility is even more important than under normal circumstances. Trigema therefore expanded its support in this area throughout 2023, while continuing to assist its long-standing partners. These include Centrum Paraple, Czech Photo, and the Toulava region. At the end of 2023, preparations began for the Trigema Foundation Fund, which will bring all these activities under one umbrella this year. Its purpose is to contribute broadly to improving and developing quality of life and to support the arts.
View the annual report
