In parallel, gross profit reached RON573.2 million, down by 5% from 2021, amid intense investment activity, while the net figure dropped by 1%, to RON502.6 million.
Turnover growth was supported by a 9% increase in housing unit sales, which hit RON769.5 million in 2022, from RON703.3 million in 2021.
The net income from residential property increased by 29% year-on-year, reaching EUR64.7 million due to the major developments getting closer to completion; however, it decreased compared to the result for nine months due to the sales kick-off at developments where the construction began in Q4/2022. This generated a 41% net margin for 2022, a six percentage points increase compared to the 2021 result.
„We are proud to close another year with historical results for One United Properties, despite the challenges in the markets, and we look forward to continuing this ascending trend in 2023, and on a long-term basis,” stated Victor Capitanu, co-CEO at United Properties.
599 apartments with a total surface of 52,724 sqm, 978 parking spaces and other unit types, as well as early-stage units were sold and pre-sold for a total of EUR 169.2 million in the 2022.
As of December 31st , 2022, 62% of apartments under development were sold out. Excluding the 1,080 residential units added in Q4 2022 to sales portfolio, 82% of apartments were contracted. Amounts to be received under contracts concluded with customers as of December 31st, 2022, are EUR 231 million in additional cash by 2025.
Rental income registered a 9-fold increase, reaching RON 60.3 million, driven by revenues from tenants at One Tower, One Cotroceni Park Office Phase 1, Bucur Obor (Q1’22 acquisition) and One Victoriei Plaza (Q3’22 acquisition).
As of December 31st, 2022, the company’s office portfolio counts gross leasable area (GLA) of 138,000 sqm of office space. Together with the retail portfolio, including mainly Bucur Obor and One Gallery, the total commercial rental portfolio of One United Properties has a GLA of over 180,000 sqm. The revenues from rental income will continue to grow quarter-on-quarter, bringing even more significant weight in 2023 due to the delivery of One Cotroceni Park Phase 2 and a more extensive overall commercial portfolio, including One Victoriei Plaza and Bucur Obor.
„As of January 1st, 2023, 2,285 units at our delivered and under construction developments were already sold, meaning that our sales team had a portfolio of 1,143 residential units available for sale. Moreover, we estimate pre-sales for additional 1,167 units located at the first phases of One Lake District and One Lake Club to start within the first half of 2023, thus securing a steady cash flow for our company. On top of this, we continuously keep looking for opportunities in the market, which will allow us to build a solid pipeline for the years to come, opportunities such as One Cotroceni Towers, our latest announcement, or One Downtown and One Plaza Athénée, both developments which will strengthen our urban regeneration strategy in the historic center of Bucharest. With earnings per share of 0,14 lei, our company brought investors a 15% Earnings Yield in 2022. Our plan is to reinvest most of these profits in 2023 while maintaining our biannual dividend pay-out policy,” added Victor Capitanu.
In terms of stock market performance, in 2022, ONE was the 9th most traded stock on BVB in terms of absolute liquidity and 11th most traded by liquidity to free float. The average daily traded value for ONE shares in the Year 2022, was approximately 200,000 euros.
In a volatile 2022, ONE shares performed in line with the benchmark index BET, registering a decline of -11,9%, versus BET index, which recorded a -10.7% drop, and significantly better performance than the key real estate indices FTSE EPRA Nareit Developed Europe index -36.5%, FTSE EPRA Nareit UK (ELUK) index -31.9%, STOXX Europe 600 Real Estate (SX86P) index -42.1%.
As of September 19th, 2022, One United Properties shares were upgraded within the FTSE Global Equity Index Series for Emerging Europe, moving from the small-cap to mid-cap category, reflecting the increased market capitalization and the solid liquidity of ONE stock. In February 2023, this position was reconfirmed by FTSE Russell.
(English version by Catalina Apostoiu)