One United Properties posts a consolidated turnover of EUR 208.5 mln and a gross profit of EUR 70.8 mln in the first nine months of 2024

One United Properties (BVB: ONE), Romania’s leading green developer of residential, mixed-use, and office real estate, recorded turnover of EUR 208.5 mln in the first nine months of 2024, an 11% year-on-year decrease. This marks the second time in the Company’s history that turnover has surpassed EUR 200 million already within the first three quarters, reaffirming One United Properties strong position in the Romanian real estate market. Gross profit for the period was EUR 70.8 mln, while net profit reached EUR 60 mln.

“This has been a solid quarter for One United Properties, marked by substantial increases in net income from residential property sales and net rental income, driving improved profitability across our core segments. Achieving these results is particularly noteworthy given that construction progress was slower than anticipated this year, due to administrative delays. What matters though is that this turnover is not lost, but simply delayed, reflecting the company’s revenue recognition model that favours recognition of sales in line with the construction progress, according to the International Financial Reporting Standards. Going forward, we remain committed to advancing our projects and adapting to market needs efficiently,” said Victor Căpitanu, Co-CEO of One United Properties.

Revenue from the residential segment reached EUR 164.2 mln, a 7% YoY decrease reflecting the transition of many construction sites into their final stages, where revenue is recognized more gradually. However, net income from residential properties increased by 12% YoY to EUR 56.9 mln. Notably, the net margin from residential sales rose from 28.7% in 9M 2023 to 34.6% in 9M 2024, reflecting the impact of ongoing construction progress.

Rental income, which includes revenue from the commercial division and tenant services, increased by 14% YoY to EUR 22.8 mln in 9M 2024. Net rental income saw a 19% YoY rise, reaching EUR 16.3 mln. In the first nine months of 2024, One United Properties successfully leased and pre-leased 12,100 square meters of office and retail spaces and signed multiple contract extensions totaling 6,770 square meters. The financial impact of these new leases will be reflected in future revenues.

Despite significant development activities, the Company’s cash position increased by 47% since the beginning of the year, reaching EUR 124.1 mln at the end of Q3 2024, supported by the share capital increase. The gross loan-to-value ratio remained stable at 30% as of September 30, 2024, indicating a solid financial foundation and low leverage compared to European peers. Net debt improved, decreasing to EUR 111.4 mln, which represents 10% of total assets.