One United Properties
(Image credit: One United Properties)

One United Properties gross profit up 17% in H1 2023

Bucharest-listed One United Properties, the leading green investor and developer of residential, mixed-use, commercial, and office real estate in the Romanian capital, has convened its shareholders for October 9, 2023.

The agenda of the ordinary general meeting of shareholders includes the approval of the distribution of interim dividends from the company’s profit corresponding to the first six months of the financial year ending on 31 December 2023 in value of RON 37,976,491.71 (gross amount) i.e., a dividend of RON 0.01/share.

The company post a consolidated turnover of EUR 171 million in H1 2023, a 26% increase compared to H1 2022. The gross profit reached EUR 69.8 million, a 17% increase. The net profit amounted to EUR 58.2 million, an increase of 13% compared to H1 2022.

One United Properties ended the quarter with a significant cash position of EUR 80.2 million, down 30% since the beginning of the year due to major development activity carried out in H1 2023 as well as payment of the second tranche of the 2022 dividend.

The amounts to be received under contracts concluded with customers as of June 30th, 2023, reached the historically high amount of EUR 281 million in additional cash by 2025. The gross loan-to-value indicator improved by 3pp, going down to 25% as of June 30th, 2023, while the net of cash loan-to-value was 14%.

The increase in turnover was supported by a 57% increase in revenues from residential property sales, which reached EUR 122.5 million in H1 2023 versus EUR 78.2 million in H1 2022.

“Despite a double-digit drop in Bucharest’s residential sales, our team nearly tripled new unit sales versus first half of 2022, highlighting our developments’ unique appeal and an accelerated flight to quality” Victor Căpitanu, co-founder and co-CEO at One United Properties said in a statement.

In H1 2023, ONE was the 7th most traded stock on the Bucharest Stock Exchange (BVB) in terms of absolute liquidity and the 6th most traded by liquidity to free-float. The market capitalization as of June 30th, 2023, was approximately 700 million euros. In H1 2023, ONE shares grew 9.23%, surpassing the performance of the BET index, which increased 7%, while the total return for ONE amounted to 10.4% vs. 10% for BET-TR.

As of June 1st, 2023, ONE shares were included in the MSCI Frontier Markets Small Cap index and MSCI Romania Small Cap index. On August 10th, 2023, MSCI announced that effective August 31st, 2023, ONE shares will be promoted from the Small Cap to the Mid Cap category, becoming part of the MSCI Frontier and MSCI Romania indices, which exclusively feature Mid Cap and Large Cap companies.

For 2023, One United Properties targets a turnover of EUR 290.2 million and a net profit of EUR 125.9 million, in line with the budget published at the beginning of the year.