Romanian developer One United Properties recorded revenues of 1.1 billion lei (€222 million) during 2021, up 105% year-on-year, while the gross profit expanded almost two-fold to 603.5 million lei (€122 million) over higher residential sales and increased rental income.
The company’s sale and pre-sale of 699 apartments, 926 parking spaces and 69 commercial spaces amounted to €202.2 million. The result was boosted by residential sales in One Cotroceni Park and One Verdi Park projects.
Rental income of the office division totaled 11.8 million lei (€2.4 million) and the company expects growth this year as more projects will be delivered this year.
At the end of 2021, One United Properties had 159,000 sqm of land plots for further residential development under permitting and in the planning phase (the later with an estimated start of construction in 2022), in Bucharest and Constanța (Mamaia). The company estimates construction of more than 4,000 apartments on these land plots.
For this year, the company forecasts revenues of 1.52 billion lei (€307 million) and a gross profit of 647.4 million (€131 million). Residential sales are expected to reach 1.2 billion lei (€242.2 million), while rental income will surge sixfold to 71.7 million lei (€14.4 million).
"In line with our dividend policy, we plan to distribute cash dividend to our shareholders in two semi-annual tranches this year, but considering the 36% net margin we had in 2021, we will focus on the reinvestment of the majority of the profits to benefit from the growth opportunities in the market and to build additional value for our stakeholders,” said Victor Căpitanu, co-CEO at One United Properties.
The developer’s shares were up 1.4% to 1.30 lei on Monday morning trading on the Bucharest Stock Exchange (BVB).
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