Romanian developer One United doubles turnover and more than triples net profit in H1

One United, one of the biggest real estate developers in Romania, reported a turnover of RON 434 mln (EUR 88.5 mln) in the first half of this year, up by 96% compared with the same period of 2020. The net profit surged by 267% to RON 147.5 mln (EUR 30 mln).

“The Romanian real estate market closed the best semester in its history, and One United Properties’ financial results reflect this positive evolution. The performance we report today for the first six months of 2021 confirms the growth prospects that we have promised to our investors and the immense potential that lies within the local market,” said Victor Capitanu, co-founder of One United Properties.

He added: “The sales generated between July and August indicate that the second part of the year will continue to bring new records to the residential market. With a cash position of RON 350 million as of June 30 and additional cash proceeds from the IPO in the total amount of RON 252 million, we are targeting accelerated development in the coming months.”

Strong results from residential development

One United said revenues from the development and sale of residential properties increased 51% compared to the same period of last year to RON 332.8 million. The net income from residential property also registered a 46% increase to RON 108.1 million. Consequently, the net margin from residential property sales reached 32.5% for the first six months of 2021. The revenues from the development of office buildings amounted to RON 88.4 million, with the main impact being generated by the development of One Tower and One Cotroceni Park.

“Through the IPO completed in July 2021, we have entered a stage of maturity as a business, but the performance we present today shows that in the case of One United Properties, maturity does not come at the expense of growth. From the acquisition of land for One Lake Club and for One High District, starting construction of the residential phase of One Cotroceni Park, to the completion of One Floreasca City and Neo Mamaia, the first half of 2021 marked multiple milestones for One United Properties,” said Andrei Diaconescu, co-founder of One United Properties.

In the first six months of this year, One United Properties sold 261 apartments for EUR 96 mln, compared with 85 apartments sold in the first half of 2020.

As of June 30, the land owned by One United Properties for further real estate development reached a total surface of 138,000 sqm, which the company estimates will allow the construction of more than 3,200 apartments.

The company's full report for the first half is available here.