Romanian real estate fund doubles net profit in the first half of 2024

Meta Estate Trust, a publicly traded holding company operating in Romania's real estate sector, has announced a net profit of RON 6.1 million (EUR 1.2 mln) for the first half of 2024, double compared with the same period of last year. This significant growth in profitability was accompanied by a 6% increase in equity.

Total revenues reached RON 19.2 mln, three times higher than in the first half of 2023.

These results reflect Meta Estate Trust's strategic decisions, including the restructuring of its investment portfolio. The company has initiated the first phases of restructuring and divesting from five real estate projects to mitigate exposure risks.

However, the company reported a 6% increase in the total value of its investment portfolio compared with the end of 2023, to RON 108 mln.

"The year 2024 remains a challenging one, but our outlook is encouraging. Together with the Board of Directors, we will focus on managing ongoing litigation, continuing our restructuring and divestment strategies, and expanding our portfolio with income-generating commercial real estate assets," said Alexandru Bonea, CEO of Meta Estate Trust.

Meta Estate Trust has also initiated a share buyback program, approved by shareholders in April 2024. The program, running until the end of 2025, aims to repurchase up to 10 million ordinary shares.

Founded in 2021, Meta Estate Trust listed its shares on the Bucharest Stock Exchange's AeRO market in August 2022 under the symbol MET.

(Photo source: the company)