One United Properties posts net profit of 31.6 million euros, up 3 percent in Q1

One United Properties posts a consolidated turnover of 84.3 million euros for Q1 2024, a 5 percent decrease compared to Q1 2023. The gross profit reached 37 million euros, a 2 percent year-over-year increase, while the net profit amounted to 31.6 million euros, a 3 percent growth compared to Q1 2023. 

“The first three months of 2024 were marked by solid financial performance for One United Properties. The results from Q1 2024 lay a solid foundation for the year and clearly align with our strategic goals and financial targets for 2024. We are particularly pleased with the significant construction progress across all our developments. This progress has helped to better reflect the exceptional efforts of our sales team from the past 15 months, as visible in the net margin from residential sales, which reached 39 percent for Q1 2024. As we look ahead, our focus remains on maintaining the growth momentum. We are confident that the strategic blueprint we follow regarding product offering and business expansion will not only cater to our customers’ needs but also deliver substantial value to our shareholders”, said Victor Capitanu, co-CEO at One United Properties.

Revenues from the residential segment reached 61.6 million euros in Q1 2024, an 8 percent YoY decrease. However, the net income from residential property saw a 16 percent increase to 24 million euros. This growth was primarily driven by the revenue recognition from the new developments where construction was initiated in 2022 and 2023, where construction progress was seen, paired with continued strong sales and pre-sales of residential units. Consequently, the net margin increased from 30.8 percent, as recorded for Q1 2023, to 39 percent for Q1 2024.

The rental income, which includes the income generated by the commercial division and the revenues from the tenant services, saw a 21 percent YoY increase, reaching 7.7 million euros in Q1 2024. The increase has been driven by the revenues coming from the entire portfolio, but particularly from One Cotroceni Park, where the tenants continued to move in during 2023.

For 2024, One United Properties budgeted a turnover of 349.9 million euros and a gross profit of 123.5 million euros.