Romanian developer One United Properties recorded a net profit of €89.6 million in 2023, up 8% year-on-year, while its turnover rose by 30% to €306.6 million over higher residential sales and rent income.
The company recorded a 45% hike of revenue in the residential segment to €226.9 million, while rental income was up 62% to €25.9 million in 2023 versus 2022.
Last year, the company completed four developments with a gross value of €350.4 million and managed nine other construction sites with future developments of 4,241 units and over 15,000 sqm of commercial spaces. As a result, the combined value of projects completed and under construction exceeded €1.5 billion in 2023.
“Despite the industry's hurdles, we maintained our loan-to-value ratio at 28%, significantly below the European real estate average of 50%. Our ability to sustain such low leverage throughout 2023 while expanding our portfolio is a clear indicator of our operational efficiency, strong balance sheet and prudent management, therefore setting excellent premises for 2024 as another year of sustained growth for our company", said Victor Căpitanu, Co-CEO of One United Properties.
The developer’s cash position was down 26% to €84.6 million, while the net debt stood at €122 million, which was 12% of the total assets at the end 2023.
Shares in One United Properties were flat at 1 leu on Tuesday morning trading on the BVB.
