One United Properties posts net profit of 30.8 million euro in Q1 2023

One United Properties posts a consolidated turnover of 89.3 million euro in Q1 2023, a 27 percent increase compared to Q1 2022. The gross profit reached 36.2 million euro, a 61 percent increase excluding the one-off gain from Bucur Obor’s purchase recognized in Q1 2022 in the amount of 19.6 million euro. The net profit amounted to 30.8 million euro, an increase of 120 percent compared to Q1 2022 (a 8 percent year-on-year decrease if including the gain impact).

“One United Properties has had a remarkably strong start to the year 2023, marked by one of the best quarters in our company’s history in terms of apartment sales and pre-sales. These results highlight the strength and reputation of the ONE brand and demonstrate the prospects for the dynamic real estate market in Bucharest. Since our IPO, we have consistently showcased our ability to successfully compete across three key residential segments – medium, upper-medium, and high-end – cementing our position as a leader in Romania’s premium real estate sector. With an annualized EPS of 0.03 euro, representing an earnings yield of 19 percent, we are confident that we can sustain our momentum and further fortify our position as an important player in the local real estate industry,” said Victor Capitanu, co-CEO at One United Properties.

The increase in turnover was supported by a 68 percent increase in revenues from residential property sales, which reached 66.9 million euro in Q1 2023 versus 39.9 million euro in Q1 2022. The net income from residential property increased by 24 percent YoY, reaching 20.6 million euro, the growth being smaller than the revenue appreciation due to the revenue recognition of the new developments where construction began between Q4 2022 and Q1 2023. Consequently, the net margin decreased from 42 percent, as recorded for Q1 2022, to 31 percent for Q1 2023.

In Q1 2023, One United Properties sold and pre-sold 220 apartments of 18,490 sqm, 488 parking spaces and other unit types for a total of 90.5 million euro.

The rental income, which includes the income generated by the commercial division and the revenues from the tenant services, registered a 267 percent increase, reaching 6.4 million euro.

As of March 31, 2023, One United Properties had 105,971 sqm of land plots dedicated to future residential development in Bucharest, with total above-ground gross building rights (GBA) of 434,939 sqm. All these plots of land included in the landbank are currently in the planning phase. The Group estimates the construction of over 2,800 apartments and commercial units within developments such as One City Club, One Herastrau City and One Cotroceni Towers, and almost 60,000 sqm of office spaces in Phase 3 and 4 of One Cotroceni Park. Additionally, One United Properties has approximately 40,000 sqm of buildings for restoration and further development, including urban regeneration landmarks such as One Plaza Athénée, One Downtown, One Gallery and One Athénée.