Marvipol Development posted PLN 39.61m consolidated net profit in Q2 2023 against PLN 24.9m profit a year earlier, the company said.
Operating profit amounted to PLN 57.55m vs. PLN 34.44m profit a year earlier.
Consolidated sales revenue reached PLN 197.23m in Q2 2023 vs. PLN 205.1m a year earlier.
In H1 2023, the company posted consolidated net profit attributable to equity holders of the parent of PLN 45.27m, compared to PLN 54m profit a year earlier, on sales revenue of PLN 268.05m, compared to PLN 326.7m a year earlier.
As of the date of this report, Marvipol Development Group’s project portfolio consists of 20 investments under construction, ready to launch and in preparation, located in Warsaw, the Tri-City and Wrocław. The total usable area of the projects in the land bank amounts to 166,000 m2 of residential and commercial space, of which 34% are projects under construction, according to the management report.
In H1 2023. Marvipol Development Group concluded 248 agreements for the sale of flats, commercial premises and investment premises (including seven agreements for the sale of investment premises in Unique Apartments, recognised in the results of the other real estate assets segment), compared to 108 agreements in the corresponding period of 2022.
In H1 2023, the group recognised PLN 244.7 million of revenue from the sale of finished goods (flats and commercial units). The gross margin on sales of units handed over to buyers was 29.8%, the company reported.
As at 30 June 2023, the group had 354 residential and commercial units for which sales contracts (conditional, reservation) had been concluded by the end of the first half of the year, but the units had not been handed over to buyers. The value of the net contracts concluded was PLN 275.3 million, it was also reported.
On a standalone basis, net profit in H1 2023 was PLN 15.47m, compared to PLN 71.8m profit a year earlier.
Source: Marvipol and IBSnews
