One United Properties recorded consolidated revenue of €136.7 million in the first half of 2022, up 54% compared to the same period last year. Gross profit doubled to EUR 78.8 million, while net profit increased by 136% to EUR 70.3 million.
The green developer of residential, mixed-use and office properties also managed to maintain a cash position of €102.7 million and a loan-to-value ratio of 25%.
“The residential and commercial divisions continued their positive development in 2022, resulting in EBITDA 11% higher than the budgeted value for the first half of 2022. The net result is 23% higher. The excellent cash position recorded on June 30 will be further supported with 51.5 million euros raised during the capital increase, resulting in negative net debt,” said One United co-CEO Victor Capitanu.
“All indicators point to a strong position for our business as we look forward to increasing our investment and development activity in the period ahead,” he added.
The company’s performance this year was supported by a 15% increase in revenue from the sale of residential properties. Net income from residential properties increased significantly, by 74% year-on-year to €38.4 million due to the approaching completion of most developments. This generated a net margin of 49%, an appreciation of 17pp compared to the same period last year.
One United is due to receive a further €168.2 million by the end of the year for sales contracted by customers, many of them at One Lake Club and One Herastrau Vista, two of its development projects.
Rental income reached €4.7 million from locations such as Bucur Obor, One Tower and One Cotroceni Park. Management believes that rental income revenues will continue to grow quarter over quarter, bringing greater weight to the second half of 2022, given the increasing occupancy of office properties as well as the acquisition of the One Victoriei Plaza fully leased to July 2022.
Building permits are also underway for One Lake District, One High District and One Floreasca Towers, and One United management expects to begin sales at the aforementioned locations before the end of the year.
To support its future investments, One United recently launched a capital increase, raising €51.5 million from existing and new investors. The new equity will be invested in priority in new residential developments located mainly in Bucharest. The company plans to invest the capital raised in ten new developments.
One United Properties (ONE) is listed on the Bucharest Stock Exchange (BVB). The company’s shares were recently moved into the mid-cap category by the FTSE Global Equity Index Series for Emerging Europe.
(Photo source: One United Properties)