One United Properties posts a consolidated turnover of EUR 171 million in H1 2023, a 26 percent increase compared to H1 2022. The gross profit reached EUR 69.8 million, a 17 percent increase (excluding the one-off gain from Bucur Obor’s bargain purchase recognized in H1 2022 in amount of EUR 19 million). The net profit amounted to EUR 58.2 million, an increase of 13 percent compared to H1 2022 (a 17 percent year-on-year decrease if including the gain impact).
“One United Properties delivered outstanding results in the first half of the year. Despite a double-digit drop in Bucharest’s residential sales, our team nearly tripled new unit sales versus first half of 2022, highlighting our developments’ unique appeal and an accelerated flight to quality. We have reached a historical record of EUR 152.4 million in new residential sales in H1 2023. This accomplishment is a testament to our distinct position in the market and the demand for our developments. The decline of the net margin of the residential segment can be attributed to our revenue recognition approach. From Q4 2022 to H1 2023, we initiated a considerable number of new construction sites. Typically, the cost trajectory of a development construction is not linear; early stages incur elevated costs due to excavation, foundation-laying, and infrastructure development. However, across all our residential development activity, we maintain our target to achieve gross profit margins in excess of 35 percent, allowing us to deliver consistent returns to our shareholders,” said Victor Capitanu, co-CEO at One United Properties.
