One United Properties reports net profit of 89.6 million euros, up 8 percent in 2023

One United Properties posts a preliminary consolidated turnover of 306.6 million euros for 2023, a 30 percent increase compared to 2022. The gross profit reached 105.9 million euros, a 9 percent increase excluding the one-off gain from Bucur Obor’s purchase of 19.1 million euros recognized in 2022. The net profit amounted to 89.6 million euros, an increase of 8 percent compared to 2022. 

“Last year presented numerous challenges for the real estate sector globally, yet One United Properties thrived, as evidenced by our record number of deliveries and the high pre-sales level at the developments currently under construction. Our revenue recognition policy ensures that our residential sales are not merely instant gains but unfold into long-term profitability as we progress through the construction phases. This strategic approach, underpinned by our commitment to securing a minimum of 35 percent profit margin across all developments, is a testament to our robust investment potential. Despite the industry’s hurdles, we maintained our loan-to-value ratio at 28 percent, significantly below the European real estate average of 50 percent. Our ability to sustain such low leverage throughout 2023 while expanding our portfolio is a clear indicator of our operational efficiency, strong balance sheet and prudent management, therefore setting excellent premises for 2024 as another year of sustained growth for our company”, said Victor Căpitanu, co-CEO at One United Properties.

Revenues from the residential segment reached 226.9 million euros in 2023, a 45 percent year-on-year increase driven by diverse residential offerings.

The Group sold and pre-sold 953 apartments with a total surface of 80,757 sqm, as well as 1,584 parking spaces and other unit types, for a total of  274.9 million euros. By the end of 2023, 71 percent of the Group’s portfolio was sold and pre-sold. Based on the contracts signed with clients as of December 31, 2023, One United Properties expects additional cash inflows of 295 million euros by 2025.

“In 2023, One United Properties didn’t just achieve record sales; we also significantly increased our development activity to meet the growing customer demand. With more than 21,000 people working on for our developments in Bucharest last year, we are not only improving the skyline of the city, but we also contribute and actively drive the growth of Bucharest economy. The total value of our developments under construction in 2023, which reached a staggering 1.5 billion euros in gross development value, showcases more than just an increase in our scale. It demonstrates our ability to effectively manage and execute multiple projects without compromising quality. This approach not only contributes to our financial achievements but also reinforces One United Properties’ reputation for reliability and timeliness, which is even more appreciated by clients in times of global economical and geopolitical uncertainties as the ones we experienced over the last two years”, said Andrei Diaconescu, co-CEO at One United Properties.