One United Properties posts a consolidated turnover of EUR 233.5 mln and a gross profit of EUR 83.3 mln in the first nine months of 2023
One United Properties (BVB: ONE), the leading Romanian green developer of residential, mixed-use and office real estate, posts a consolidated turnover of EUR 233.5 mln for 9M 2023, a 27% increase compared to 9M 2022. The gross profit…
One United Properties (BVB: ONE), the leading Romanian green developer of residential, mixed-use and office real estate, posts a consolidated turnover of EUR 233.5 mln for 9M 2023, a 27% increase compared to 9M 2022. The gross profit reached EUR 83.3 mln, a 7% increase, excluding the one-off gain from Bucur Obor’s bargain purchase recognized in 2022 of EUR 19.1 mln. The net profit amounted to EUR 69.8 mln, an increase of 5% compared to 9M 2022 (excluding the Bucur Obor gain impact).
One United Properties closed Q3 2023 with a significant cash position of EUR 91.4 mln, a 14% QoQ increase due to the delivery of One Verdi Park, One Floreasca Vista and One Timpuri Noi, resulting in clients signing final agreements and paying the last tranches on the purchased units. The amounts to be received under contracts concluded with customers as of September 30th, 2023, reached EUR 305 mln in additional cash by 2025. The gross loan-to-value indicator amounted to 29%, stable since the beginning of the year.
“Q3 2023 was an exceptional quarter in the history of One United Properties. Despite the broader Bucharest residential market facing a 3.8% year-over-year decline in sales, we have defied market trends by successfully selling a record 329 apartments in Q3 alone, representing a 254% increase year-on-year. This achievement highlights the unique positioning that One United Properties has in the market, where in an increasingly challenging real estate context, clients choose to fly to quality and are drawn by our reputation, reliability, and unparalleled confidence in our product. Our achievements in Q3 have propelled us to another significant milestone – surpassing a consolidated turnover of over RON 1 bln in the first nine months of the year, marking a substantial 27% increase over the previous year. This accomplishment is a clear indicator that we are not only on track to meet our annual budget but are also thriving in a challenging market context due to our strategic foresight and operational excellence," said Victor Capitanu, co-CEO at One United Properties.
Victor Căpitanu presents the financial results of Q3 2023 in the video below:
The increase in turnover was supported by a 46% increase in revenues from residential property sales, which reached EUR 177.4 mln in 9M 2023 versus EUR 121.1 mln in 9M 2022. The growth was driven by enlarged and more diverse residential offerings, particularly at One Lake District, One High District, and One Lake Club, the best-selling developments of 2023. The net income from residential property decreased 10% YoY, reaching EUR 50.9 mln in 9M 2023 due to the revenue recognition of the new developments where the construction works began as of Q4 2022. At the same time, 524 residential units at One Verdi Park, One Floreasca Vista and One Timpuri Noi were finalized.
