BUCHAREST, Romania, May 13, 2024
/PRNewswire/ -- One United Properties (BVB: ONE), the
leading green developer of residential, mixed-use and office real
estate in Romania, posts a
consolidated turnover of 84.3 million
euros for Q1 2024, a 5% decrease compared to Q1 2023. The
gross profit reached 37 million
euros, a 2% year-over-year increase, while the net profit
amounted to 31.6 million euros, a 3%
growth compared to Q1 2023.
"The first three months of 2024 were marked by solid financial
performance for One United Properties. 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. As we look ahead, our focus remains on maintaining the
growth momentum. We are confident that the strategic blueprint we
follow regarding product offering and business expansion will not
only cater to our customers' needs but also deliver substantial
value to our shareholders," said Victor
Capitanu, co-CEO at One United Properties.
Revenues from the residential segment reached 61.6 million euros in Q1 2024, an 8% YoY
decrease. However, the net income from residential property saw a
16% increase to 24 million euros.
This growth was primarily driven by the revenue recognition from
the new developments where construction was initiated in 2022 and
2023, where substantial construction progress was seen, paired with
continued strong sales and pre-sales of residential units.
Consequently, the net margin increased significantly from 30.8%, as
recorded for Q1 2023, to 39% for Q1 2024.
The rental income, which includes the income generated by the
commercial division and the revenues from the tenant services, saw
a 21% YoY increase, reaching 7.7 million
euros in Q1 2024. The increase has been driven by the
revenues coming from the entire portfolio, but particularly from
One Cotroceni Park, where the tenants continued to move in during
2023.
One United Properties ended Q1 2024 with a strong cash position
of 68.3 million euros, down by 19%
since the beginning of the year due to the payment of the first
tranche of the 2023 dividend of 7.6 million
euros and paired with significant development activity. The
gross development value of the buildings under construction
amounted to more than 1.2 billion
euros in Q1 2024.
"The financial results for Q1 2024 underscore the resilience and
adaptability of One United Properties business model and the
long-term value we build for our stakeholders. Our strong profit
figures reflect our strategic approach to navigating market
fluctuations and capitalizing on growth opportunities. The
exceptional continued demand for our properties, especially at One
Lake District and One Lake Club, as well as significant increases
in revenues for our commercial segment, demonstrate our effective
market positioning and commitment to quality. Our goal for the
remainder of the year is to continue leveraging our
industry-leading practices in sustainable development to further
strengthen our market leadership and enhance shareholder returns,"
said Andrei Diaconescu, co-CEO at
One United Properties.
The gross loan-to-value ratio of One United Properties was
stable at 29% at the end of Q1 2024, unchanged since the end of
2022, demonstrating strong financial health and low leverage
compared to European peers. Net debt stood at 155.9 million euros, representing 15% of the
total assets, which overpassed 1 billion
euros.
For 2024, One United Properties budgeted a turnover of
349.9 million euros and a gross
profit of 123.5 million euros.
ONE UNITED PROPERTIES (BVB: ONE) is the leading
green investor and developer of residential, mixed-use, and
commercial real estate in Bucharest,
Romania. One United Properties is an innovative company
dedicated to accelerating the adoption of construction practices
for safe, energy-efficient, sustainable, and healthy buildings, and
has received numerous awards and recognitions for its superior
sustainability, energy efficiency, and wellness. The company is
publicly traded on the Bucharest Stock Exchange, and its shares are
included in multiple indices such as BET, STOXX, MSCI, FTSE, ROTX
and CEEplus.
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