Turnover rose by 56% to RON675.9 million against the same period of last year.
Despite the ongoing investments, the group maintained a strong cash position, of RON467.5 million and the loan-to-value ratio reached 25%.
According to the company’s representatives, turnover growth was supported by the 16% increase in residential segment revenues, which hit RON386.8 million in 1H/2022, from RON332.8 million in 1H/2021. Net margin of residential segment reached 49%, a 17% increase from 1H/2021.
„The residential and commercial units continued their positive evolution in 2022 and led to EBITDA that was 11% above the value budgeted for the first half of 2022 and a 23% higher net profit. The excellent cash position registerd on June 30 will continue to be also sustained by the RON254 million raised as part of the share capital increase. All the indicators point to a strong position of our business and we are confidently looking to boost investment and development activity in the coming period,” says Victor Capitanu, co-CEO of One United Properties.
167 apartments with a total surface of 15,892 sqm, 419 parking spaces and 32 commercial spaces and other units were sold and pre-sold for a total of EUR 66.5 million in the first half of 2022. In the same period of 2021, the Group sold and pre-sold 261 apartments, with a total surface of 26,309 sqm, 345 parking spaces and 8 commercial spaces and other units for a total of EUR 96.3 million.
As of June 30th, 2022, 80% of apartments currently being under development were sold out.
The rental income, which includes the income generated by the office as well as retail divisions, registered a significant, 30-fold increase, reaching RON 23.4 million. The effect has been driven by the revenues coming from tenants at One Tower (leased out approx. 100% as of June 30th , 2022), One Cotroceni Park Phase 1 (leased out at 85% as of June 30th, 2022, however not yet generating full income since significant part of tenants are still in the fit-out phase), as well as the impact of results generated by Bucur Obor and consolidated under the retail division.
The management estimates that the revenues from rental income will continue to grow QoQ, bringing more significant weight in the second half of 2022, given the full occupancy of One Tower, the acquisition of fully leased One Victoriei Plaza, as well as starting from 2023, when One Cotroceni Park Phase 1 will start to generate the full lease as well as tenants will start to move in to One Cotroceni Park Phase 2.
For 2022, One United Properties targets investments of RON 1.163 billion. The Company estimates the completion of the following residential developments by the yearend: One Verdi Park, One Timpuri Noi, and One Floreasca Vista, which will contribute significantly to the net income. Moreover, the company estimates the completion of Phase 2 of One Cotroceni Park Office before the yearend, which will further drive recurring revenues in the coming years.
In the first six months of 2022, ONE was the ninth most traded stock on the Bucharest Stock Exchange, In the period, the average daily traded value of ONE stock stood at RON1.1 million. In June 30, 2022, One United Properties had 5,510 shareholders, 74% more since the IPO moment.
(English version by Catalina Apostoiu)