Meta Estate Trust doubled its net profit in the first half of 2024

Meta Estate Trust announced its financial results for the first half of the year. The company reported total revenues amounting to RON 19.19 million (H1 2023: RON 6.63 million) and a net profit of RON 6.31 million (H1 2023: RON 2.89 million), which is double the net profit recorded in H1 2023.

As of June 30, 2024, total assets increased to RON 114 million, up slightly from the end of 2023, while the investment portfolio reached RON 108 million, up by 6 percent during financial year 2024.

Alexandru Bonea, CEO of Meta Estate Trust: “The net profit is double compared to the same period last year, reaching RON 6.31 million, while the equity increased by 6 percent. This performance brings for the first time the annualized return on equity, one of the key indicators for a business model such as MET’s, to above 10 percent (11.5 percent), while the leverage ratio remains below the 5 percent threshold. The structure of the investment portfolio has not yet changed significantly. The restructuring of the portfolio, started since last year, has been initiated with the first restructuring and divestments of 5 real estate projects, thus reducing the risk of MET exposure in these investments. Our objective is to balance the size and risks of the portfolio exposures. 2024 remains challenging but our outlook is encouraging. Together with the members of the Board of Directors, we will focus on managing the dispute with Meta Management Team SRL, continue the restructuring and divestment strategy we have started, and grow the opportunity base and project portfolio with recurring income generating commercial real estate assets.”