Marvipol Development recorded PLN 95.67 million of consolidated net profit attributable to shareholders of the parent company in 2021 compared to PLN 80.45 million of profit a year earlier, the company said in its report.
The operating profit amounted to PLN 116.48 million compared to PLN 89.57 million profit a year earlier.
Consolidated sales revenues reached PLN 393.74 million in 2021 compared to PLN 431.39 million a year earlier.
“2021 was a successful year for our company, also in terms of the financial results achieved. We ended it with a record net profit of PLN 95.7 million, 19% higher than last year’s, so far the best result in history. Thus, 2021 was already the fourth year. in a row with the period ended with generating by the Marvipol Group a higher than a year before tax result last year, the group’s operating profit increased by 30%, to PLN 116.5 million, and the group’s consolidated revenues amounted to PLN 393.7 million, compared to PLN 431.4 million. PLN in 2020. The record profits of the group were determined by the higher results of each of the three segments of our activity,” wrote President Mariusz Książek in a letter to shareholders.
In the housing business, the dynamic increase in sales profitability allowed to generate a 7% higher operating result (PLN 75.4 million) with revenues lower by 16%, he stressed.
The group’s warehouse segment ended the year with a 75% increase in operating profit, to PLN 34.6 million, which allowed, despite the less favorable situation on the currency market, for a 15% increase in the segment’s net profit to PLN 33.3 million. The segment of other real estate assets of the group, thanks to the recognition of the first revenues from the sale of investment apartments in Unique Apartments and the result on the sale of a plot of land in Mikołajki, ended 2021 with PLN 6.5 million of operating profit and PLN 5.2 million of net profit, the company announced.
According to him, 2021 in the residential segment was marked by strengthening the base for business development in the coming years. Last year, the group earmarked over PLN 200 million for the purchase of plots of land for residential construction, increasing the land bank with real estate with development potential from over 75,000 sqm of usable area.
“In total, in the last two years, we have invested nearly PLN 350 million in supplementing the housing land bank. One of our priorities, both last year and this year, is to efficiently prepare new development investments for launch, which in the period of a pandemic resulting in, among others, a marked slowdown in procedures administrative, is a big challenge. Also thanks to the work done last year, we have the potential to introduce up to 2,000 apartments for sale in the next several months,” summed up the president.
On a standalone basis, the net profit in 2021 was PLN 36.65 million compared to PLN 32.98 million in profit a year earlier.
Source: Marvipol Development and ISBnews
