Romanian developer One United Properties has recorded a net profit of €52.8 million in H1 2023, up 13% compared to the same period of last year, while the turnover rose by 26% to €171 million in the same interval.
The developer ended Q2 2023 with a cash position of €80.2 million, down 30% since the beginning of the year due to major development activity carried out in H1 2023 as well as payment of the second tranche of the 2022 dividend.
The increase in turnover was supported by a 57% increase in revenues from residential property sales, which reached €122.5 million in H1 2023 versus €78.2 million in H1 2022.
In H1 2023, the company old and pre-sold 466 apartments (179% growth year-on-year) and 794 parking spaces and other unit types for a total of €152.4 million.
”Today, thanks to a well-planned land acquisition strategy, even with 65% of the units at our developments being already sold out, by June 30th, we still had 1,762 units available for sale and pre-sale and an additional 2,573 units in permitted developments that are currently awaiting construction and sales kick-off. We can fully adapt our sales portfolio to meet client demand by adding these new units. Moreover, apart from a rich residential pipeline in progress, our commercial segment promises to deliver sustained quarterly growth,” said Andrei Diaconescu, Co-CEO at One United Properties.
The rental income, which includes the income generated by the commercial division and the revenues from the tenant services, registered an 119% increase, reaching €12.7 million. The company’s commercial portfolio includes 118,000 sqm of office space as well as retail projects spanning 42,000 sqm.
For 2023, One United Properties targets a turnover of €290.2 million and a net profit of €125.9 million.
The developer’s shares were up 1.18% to 0.94 lei on Tuesday morning trading on the Bucharest Stock Exchange.
