The developer One United Properties (ONE), an entrepreneurial company whose shares are included in the structure of the main BET index, reported for the first half of 2023 a consolidated business in the amount of 843 million lei, which is 25% more than for the same period in 2022. , and the net profit will be 287 million lei minus 17%. The company notes that the gross profit amounted to 344.5 million lei, an increase of 16% (excluding the one-time profit from the agreed acquisition of Bucur Obor, recognized in the first half of 2022 in the amount of 94.1 million lei).
“The growth in turnover was supported by a 56% increase in income from the sale of residential real estate, which reached 604.1 million lei in the first half of 2023 compared to 386.8 million lei in the first half of 2022. This growth was driven by an expanded and more diversified residential real estate supply. properties, especially in One Lake District and One Lake Club, which began selling this year,” the company said in a quarterly report released Tuesday morning on the stock exchange.
The market capitalization of One United Properties is 3.5 billion lei. In 2023, the company’s shares rose by 8.8% with transactions worth 128 million lei.
“Net income from residential real estate decreased by 4% compared to the same period last year, reaching 178.1 million lei, taking into account the income recognition method applied by the Group, since a significant number of new properties, the construction of which began in 2023, were added to the sales portfolio, and properties at One Verdi Park and One Floreasca Vista were completed and handed over to clients. Regardless of the payment method chosen by the client, the Group recognizes revenue from the sale of all residential complexes, depending on the progress of construction.
It is noted that in the first half of 2023, 466 apartments were sold and pre-sold (€179% compared to the first half of 2022) with a total area of 39,082 sq.m (€146% compared to the first half of 2022), as well as 794 parking spaces and other types of apartments. (€89% compared to the first half of 2022) was sold and pre-sold for a total of 152.4 million euros (€129% compared to the same period last year). As of June 30, 2023, 65% of all available apartments have been sold, with One High District being the most in-demand development in H1 2023 with 214 apartments sold.
In accordance with the budget published at the beginning of the year, One United Properties plans to reach a turnover of 1.43 billion lei and a net profit of 530 million lei by 2023. In accordance with the Company’s dividend strategy, the Board of Directors intends to invite shareholders to pay semi-annual dividends for 2023 in the next period. This proposal will be subject to approval at the semi-annual General Meeting of Shareholders.
“The company ended the quarter with a significant cash position of 398.2 million lei, which is 30% less compared to the beginning of the year, taking into account the sustainable development activities carried out in the first half of 2023, as well as the payment of the second tranche of dividends related to 2022 year. On 30 June 2023, the amount recoverable under contracts concluded with customers reached a historical level of 281 million euros in additional cash until 2025. The gross loan-to-value ratio improved by 3 percentage points to 25% as of June 30, 2023, while the net debt ratio was 14%.
Rental income, including income from the commercial unit and income from services to tenants, increased by 119%, reaching 62.8 million lei. The effect was driven by revenue from the entire portfolio, especially from the tenants of the largest complexes: One Tower, One Cotroceni Park 1, One Victoriei Plaza, as well as the impact of the results obtained by Bucur Obor, consolidated within the retail division. Rental income will continue to grow in the second half of 2023 due to the delivery of One Cotroceni Park 2 in the first quarter of 2023, after completion of the finishing.
By the end of the first half of 2023, the total leasable area (GLA) of the Company’s office portfolio reached 118,000 sq. m, including One Tower, One Cotroceni Park, Phase 1 and Phase 2, and One Victoriei Plaza. Together with the retail component, the commercial portfolio of One United Properties, which includes Bucur Obor and One Gallery, will reach a total leasable area of approximately 160,000 sq.m.
Victor Capitanu and Andrei Liviu Diaconescu each indirectly own 26.4% of the company.