In the first quarter of 2022, MLP Group almost doubled its net profit, which came in at PLN 29.7 million, having increased 84% year on year.
The group’s financial condition remains strong, as demonstrated by its reported first-quarter 2022 results. In the first three months of 2022, the Group’s net asset value (NAV) went up 3%, to PLN 1.88 billion The value of its investment property rose 5.3%, to around PLN 3.6 billion. Consolidated revenue increased 25.3% year on year, to PLN 62.6 million. Operating profit rose 59.4% and came in at PLN 58.4 million. Funds from operations (FFO) at the end of March stood at PLN 20.3 million, an increase of 33.3% year on year. In the first quarter of 2022, MLP Group delivered a net profit of PLN 29.7 million, almost double the figure posted for the same period last year.
MLP Group’s strategic goal is to grow the business in Poland, as well as in the German, Austrian and Romanian markets. Also, the company is soon to expand its foothold into Benelux and Hungary. MLP Group offers warehouse space in the Big Box and Business Park (Urban/City Logistics) formats.
"The first quarter of 2022 was another successful period for MLP Group. We delivered strong financial results and, most importantly, we significantly increased free cash flow, a vital metric in these turbulent times. Global instability, problems with global supply chains and logistics and the growing e-commerce sector are the key drivers of demand for new warehousing space. All our projects in Poland, Germany, Austria and Romania are progressing on schedule, and we have secured funding for them. Geographical diversification and a diverse base of clients across industries further strengthen our operational stability. Our major strength is our land portfolio, which positions us for fast growth in Europe and new market entries in the coming years, in line with our stated strategic goals", said Radosław T. Krochta, President of the Management Board of MLP Group S.A.
At the end of the first quarter of 2022, MLP Group leased out in total over 895 thousand sqm of space, 31 thousand sqm more than in the same period last year, with a further 210 thousand sqm under construction or in the pipeline. The total development potential of the land held is 1.6 million sqm. With a number of reservation agreements in place, MLP Group is able to purchase more land to accommodate its pipeline of logistics projects in Poland and Western Europe.
