“In 2011, 2010 and 2009 the company via its subsidiaries delivered 200, 221 and 236 apartments in Romania respectively,” the company said in a report Monday.
According to the report, Adama got approximately EUR16.9 million, EUR17.6 million and EUR13 million from selling and delivering apartments in each of those years, respectively.
The revenues registered by the company over the past three years from home sales in Romania were on a par with Adama’s investment in developing one of its largest realty projects in Bucharest, Armonia Titan, which has over 390 apartments.
More than 10% of Adama’s total sales in the analyzed interval were generated by only one client. The total revenue recorded from the client in the year ended 31 December 2011 amounted to EUR8.1 million (EUR 5.7 million in the Armonia project for 46 delivered apartments and EUR2.4 million in the Optima project for 34 delivered apartments), EUR4.7 million in 2010 and nil in 2009, reads the report.
Adama has built over 1,500 apartments locally, in Bucharest, Ploiesti, Bacau, Brasov, Iasi and Cluj. The company said previously it sold more than 1,000 apartments in Romania.
It plans to develop 40 more real estate projects in Romania, with a total area of more than 1.36 million square meters.
Austrian group Immofinanz, one of the most active realty investors in Romania, became sole shareholder of Adama in November 2011, after buying out the other shareholders for a total EUR42.43 million.