One United Properties approves second tranche of dividends from 2022 profits, re-elects board of directors

Romanian developer One United Properties approved after its April 25th general meeting of shareholders (GMS) the distribution of the second tranche of the dividends from the 2022 profits.

For 2022, One United Properties will pay a total gross dividend of EUR 14.7 million. The first tranche of gross dividends of EUR 7.2 million was approved in the GMS in September 2022, and was distributed in November 2022. For the April 2023 GSM, the board of directors proposed to the shareholders the approval of the second tranche of EUR 7.2 million. The gross dividend of EUR 0.002 (RON 0.01) per share will be paid on May 30th.

The shareholders also re-elected the existing board of directors, comprising of seven members: Claudio Cisullo, Victor Capitanu, Andrei-Liviu Diaconescu, Dragos Manda, Marius Diaconu, Augusta Dragic, and Magdalena Souckova (Soucek). As of 2022, the mandates granted to the members of the Board of Directors are for one year, with the possibility of re-election.

One United Properties posted a consolidated turnover of EUR 236.5 million in 2022, a 4% increase compared to 2021. The gross profit reached EUR 116.2 million, a 5% year-on-year decline, while the bottom line decreased by 2%, amounting to EUR 101.9 million.

The company ended the year with a strong cash position of EUR 114.6 million, higher by 12% compared to the beginning of the year, due to capital increase contribution, which brought EUR 51.5 million in Q3 2022 and despite continuous investments and dividend payouts. The company's gross loan-to-value ratio stood at 28% as of December 31st, 2022, while its net loan-to-value ratio was 9%.

Following the approval of the shareholders at the GSM, for 2023, One United Properties targets a consolidated gross turnover in 2023 of EUR 290.2 million, a 23% increase compared to the 2022 result, and a consolidated gross profit of EUR 125.9 million, 9% higher than the 2022 result. The net profit is estimated to reach EUR 107.3 million in 2023, a 5% increase versus 2022, with the net margin expected at 37%. The total investments and CAPEX costs for 2023, including land acquisitions and development costs, are estimated at EUR 235.6 million.

"Today, ONE counts nearly 7,500 shareholders, including reputable, globally active institutional investors, retail investors, and ultra-high-net-worth individuals. Our unwavering commitment to sustainable development has consistently exceeded expectations. With a robust pipeline of approximately 5,700 permitted and under-construction apartments, we remain steadfast in our strategy of focusing on the Bucharest region, where the demand for our safe, energy-efficient, sustainable developments continues," Claudio Cisullo, chairman of the Board at One United Properties, said.

The developer has over 5,500 residential units in the construction phase, with a total estimated gross development value of nearly EUR 1.5 billion, and more than 3,000 residential units in the planning phase, with a total estimated gross development value of EUR 859 million. Its office portfolio had, at the end of 2022, a gross leasable area of 138 thousand sqm. Combined with the retail portfolio, the company's total commercial rental portfolio has a gross leasable area of over 180 thousand sqm.