One United Properties posts gross profit of 78.8 million euro in the first half of 2022

One United Properties, Romanian green developer of residential, mixed-use and office real estate, recorded a consolidated turnover of 136.7 million euro in the first half of 2022, a 54 percent increase compared to H1 2021. The gross profit more than doubled year-on-year, reaching 78.8 million euro.

“One United Properties registered excellent performance in the first semester of 2022, delivering superior returns to our shareholders. The residential and commercial divisions continued the positive evolution in 2022, resulting in the EBITDA being 11 percent above the value budgeted for the first half of 2022, and the net profit 23 percent higher. The excellent cash position recorded as of June 30th will be further supported with 51.5 million euro raised during the share capital increase, resulting in a negative net debt. All the indicators are pointing towards a strong position of our business as we look forward to increasing our investment and development activity in the coming period,” said Victor Capitanu, co-CEO at One United Properties.   

The increase in the turnover was supported by a 15 percent increase in revenues from residential property sales, which reached 78.2 million euro in H1 2022 versus 67.9 million in H1 2021. The net income from residential property increased significantly, by 74 percent year-on-year, reaching 38.4 million euro due to most of the developments getting closer to completion. This generated a 49 percent net margin, a 17pp appreciation compared to H1 2021.

In the first six months of 2022, One United Properties sold and pre-sold apartments, parking spaces, commercial spaces and other units for a total of 66.5 million euro. As of June 30, 2022, 80 percent of apartments currently under development were sold out, and the company has to receive additional cash in of 168.2 million euro until the end of 2023 from sales contracted by clients. In Q3 2022, the sales at two new developments, One Lake Club and One Herastrau Vista, kicked off.

“The second half of the year will be a period of intense activity as we finalize four developments, including phase 2 of the office component of One Cotroceni Park. Moreover, over the summer, we started sales at two new developments – One Lake Club and One Herastrau Vista. Before the yearend, we additionally estimate to start the sales at One Lake District, One High District and One Floreasca Towers, subject to obtaining building permits. The files are already with the authorities for all these developments, confirmed to be 100 percent complete. We look forward to starting the construction in the coming period to match the growing demand for our superior quality housing in Bucharest,” said Andrei Diaconescu, co-CEO of One United Properties.