Romanian developer One United Properties recorded a profit growth of 3% to €31.6 million in Q1 2024 versus the same period of last year, while its turnover fell by 5% to €84.3 million in the same interval.
Revenues from the residential segment reached €61.6 million euros in Q1 2024, down 8% year-on-year. However, the net income from residential property saw a 16% increase to €24 million. The rental income, which includes the income generated by the commercial division and the revenues from the tenant services, saw a 21% year-on-year increase, reaching €7.7 million in Q1 2024.
“The results from Q1 2024 lay a solid foundation for the year and clearly align with our strategic goals and financial targets for 2024. We are particularly pleased with the significant construction progress across all our developments. This progress has helped better reflect the exceptional efforts of our sales team from the past 15 months, as visible in the net margin from residential sales, which reached 39% for Q1 2024,” said Victor Căpitanu, Co-CEO of One United Properties.
For 2024, One United Properties budgeted a turnover of €349.9 million and a gross profit of €123.5 million.
The company said the gross development value of the buildings under construction amounted to more than €1.2 billion in Q1 2024.
