Echo Investment posted PLN 127.15 million in consolidated net profit attributable to shareholders of the parent company in 2022, compared to PLN 188.92 million in profit a year earlier, the company said.
Operating profit was PLN 275.4 million vs. PLN 309.31 million profit a year earlier.
Consolidated sales revenues reached PLN 1,394.31 million in 2022 vs. PLN 1,532.67 million a year earlier.
“I am pleased to give you Echo Investment’s nancial report for 2022. We generated a net profit of PLN 127 million attributable to shareholders of the parent company, which was mainly the result of the handover of 2,168 apartments for sale and lease built by Echo Investment and Archicom to customers, as well as an increase in the value of office buildings and apartments for rent. The past year was also marked by the sale of seven office buildings worth €318 million. This is a very strong confirmation of the quality of our projects. As a result, we have a strong cash position and reduced net debt, which is key to the continued growth of the business,” CEO Nicklas Lindberg wrote.
The group’s assets at the end of 2022 are close to PLN 6.1 billion, including a cash balance of: PLN 942 million, the CEO added.
“Last year, our group sold 1,515 and handed over 2,168 apartments to individual customers. At that time, we started construction of a total of 1,613 units. The housing market is currently undergoing changes. By far the dominant group of customers has become individual investors, who buy apartments treating them as a safe investment of capital. They appreciate the quality, excellent locations of the projects, as well as the stability and reputation of our group. That’s why we are launching such projects that will best meet the expectations of these customers,” Lindberg further wrote.
On a standalone basis, net profit in 2022 was PLN 100.21 million, compared to PLN 27.84 million profit a year earlier.
Echo Investment is a Polish developer with investments in three sectors of the real estate market: residential, retail and office. The company has been listed on the WSE since 1996. It had consolidated revenues of PLN 1.39 billion in 2022.
