Romanian property company IMPACT Developer & Contractor recorded a net profit of RON 15 million (€3 million) in the first nine months of 2022, which was double compared to the same period of last year over higher residential sales.
The company sold 173 apartments with a combined value of RON 129.6 million (€26.3 million) up by 19% compared to the same period of last year. Almost 80% of the sold homes are in Bucharest-based project Luxuria Residence. The rest are based in two other projects located in Bucharest and Constanța. The company has also signed pre-sale contracts for another 516 apartments worth RON 272.8 million (€55.4 million).
“The third quarter results are on an upward trend as we complete successive developed phases of our projects. The vertical integration policy adopted in the first part of the year has started to yield results in terms of optimizing the production cycle and controlling costs,” said Constantin Sebeșanu, CEO of IMPACT Developer & Contractor.
The company has raised RON 77.7 million (€15.7 million) through the increase of the share capital by September 2022. The developer’s land bank covers 73.5 hectares in Bucharest and regional cities which can accommodate projects with a gross value of around €1.5 billion.
Shares of IMPACT Developer & Contractor were up 2.84% to RON 0.39 on Wednesday morning trading on the Bucharest Stock Exchange (BVB).
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