Shop closure in 2020 pushes Nama into the red

Ljubljana – Nama, a retail and property business, was hit severely by the epidemic in 2020, with its net sales revenue plummeting 42% to EUR 7.7 million over 2019. The company finished the year with a net loss of EUR 161,000, which compares to a net profit of EUR 525,000 the year before.

Sales revenue dropped, but other revenue rose by some EUR 1.1 million to EUR 1.8 million, including on account of the sale of property in the town of Škofja Loka.

While the pandemic had a major impact on Nama’s entire business, it hit its retail segment particularly hard as shops were closed for four months.

“2020 was definitely one of the most demanding years in the history of our company,” chairman of the board Simona Kozjek said as Nama published its audited business report on the website of the Ljubljana Stock Exchange on Wednesday.

Government measures to contain the spread of Covid-19 are also bound to affect the company in 2021, as the year started with closed shops, Kozjek said in the release.

However, shop closure also brought some improvements: in January a new online shop was launched and will remain an important retail channel even with shops reopened.

For this year, Nama plans to transfer its retail business onto Nama In, a company set up last November but not yet operating.

Its property business will remain the core business of the parent company, which Kozjak said would enhance business transparency while allowing both companies to plan new strategies for the coming strategic period.

Last year Nama also set up Grefino, a company onto which it transferred its ice cream parlour of the same name.

The company operates Ljubljana’s iconic Nama department store, the first department store in Slovenia established in 1946.