One United Properties posts gross profit of RON 239 million, up 186% in first nine months – The Diplomat Bucharest

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One United Properties, one of the leading green developers of residential, mixed-use and office real estate in Romania, has a record turnover of RON 627.7 million in the first nine months of 2021, representing a 87% increase over same period of 2020 After the close of the third quarter of 2021, the best quarter in company history, nine-month gross profit jumped to RON 239.3 million, a 186% increase year over year.

“We closed the third quarter of 2021 with record residential sales and exceptional cash flow of over RON 604 million. The net residential sales margin reached 38% in the third quarter of 2021, a significant increase from the 32% recorded in the first half of the year, while our loan-to-value ratio fell by 7 percentage points, down to 23% as of September 30. 2021. Our office division continues to grow strongly as we hit a rental threshold of 84% for One Tower and 75% for the first phase of One Cotroceni Park, which will be delivered next month. One United Properties has thrived this year, and the boost from our IPO sets excellent conditions for a strong final quarter of the year and continued, solid performance for years to come, ”said Victor Capitanu, co-founder of A united property.

Revenue from the residential segment reached RON 521.9 million in the first nine months of 2021, an increase of 57% compared to the same period last year. During the first three quarters of 2021, One United Properties sold and pre-sold 569 apartments with a total area of ​​50,873 m², 721 parking spaces and 42 commercial spaces and other units for a total of 153 million euros . During the same period of 2020, the Group sold 125 apartments, with a total area of ​​20,677 m², 147 parking spaces and 4 commercial spaces and other units for a total of 59.8 million euros.

Apartment sales accelerated in the third quarter of 2021, above expectations, mainly due to the very successful sales launch of One Cotroceni Park, One United Properties’ largest development to date. In the third quarter of 2021 alone, One United Properties pre-sold 385 of the 868 residential units available in the One Cotroceni Park. The development has an estimated completion date of the fourth quarter of 2023. In addition to One Cotroceni Park, the Group also recorded a significant increase in sales at One Verdi Park, a project of 334 residential units, the delivery of which is estimated in the third quarter of 2022. .

“The results that we are presenting to our shareholders today are a validation of the leading position that One United Properties holds in the high-end residential and mixed-use development market. Bucharest continues to show extraordinary development potential. The excellent launch of One Cotroceni Park proves the immense opportunity that One United Properties has to expand its premium brand to larger scale mid to medium to high income developments. We will continue to invest in similar developments, such as One Lake District and One High District, where we plan to start construction in 2022, ”said Andrei Diaconescu, co-founder of One United Properties.

In the first nine months of 2021, One United Properties’ EBITDA increased 170% from RON 91.7 million to RON 247.8 million, while net income increased by 198%, reaching 191.2 million RON. The company tracks gross profit as a relevant indicator since a significant part of the income tax represents the deferred income tax, generated mainly by the income from the valuation of the real estate, which will become taxable only when the sale of these goods, if any Can be. The profit tax for the first nine months of 2021 amounted to RON 48.1 million, of which RON 12.5 million represents actual expenses and the remaining RON 35.6 million represents deferred tax.

As of September 30, 2021, One United Properties had land for new residential developments under authorization with a total surface area of ​​more than 150,000 m², on which the Group estimates the construction of more than 4,000 apartments. In addition, the company has a pipeline of land for its land reserve at various stages of negotiation.


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