Half Year 2024 One United Properties SA Earnings Call Transcript
Key Points
- One United Properties SA (BSE:ONE) achieved sales and pre-sales of EUR 123.3 million in the first half of 2024.
- The company sold and pre-sold 422 apartments and commercial spaces, totaling 43,809 square meters.
- The rental portfolio saw significant growth, with 8,100 square meters of office space leased and pre-leased, and a 95% occupancy rate.
- Profit in the Residential segment increased by 7% to EUR 38.3 million, and profit in the Rental segment increased by 26% to EUR 11.6 million.
- The company has an additional EUR 331 million in cash to be collected by 2026 from contracts already signed.
- Revenues from the residential segment decreased by 14% compared to the same period last year.
- Administrative costs increased by 11% compared to the first half of 2023, totaling EUR 8.5 million.
- Operating activity results decreased by 19% due to a significant reduction in gains from investment property fair value adjustment.
- The company's cash position declined by 20% during the first half of the year.
- The equity saw a slight decrease due to dividend payments and other transactions, despite a net profit of EUR 40 million in Q2.
Good morning, and welcome to One United Properties conference call for presenting the financial results for the first half of 2024. My name is Zuzanna Kurek, and I am Investor Relations Manager at One United Properties. I am joined on this call by Victor Capitanu, Executive Board Member and Co-Founder of One United Properties; and Cosmin Samoila, CFO at One United Properties.
Before we begin, I would like to mention that this call is being recorded and that the recording of this call will be updated on our website later today. As stated in the call invite you automatically and implicitly consented to being recorded by joining this teleconference. If you do not consent to being recorded, please leave this call.
In terms of organizational aspects, let me present to you the setup of this call. Firstly, we will share with you the financial and operational highlights of the first half of 2024, which will be presented by Victor Capitanu, Cosmin Samoila as well as myself. During the presentation, feel free to type any of the
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