One United Properties recorded a consolidated turnover of EUR 136.7 million in the first half of 2022, a 54 percent increase compared to H1 2021. The gross profit increased more than double year-on-year, reaching EUR 78.8 million, while the bottom line raised BY 136 percent, amounting to EUR 70.3 million. Despite continuous investments, the Group maintained a strong cash position of EUR 102.7 million and a loan-to-value ratio of 25 percent.
“One United Properties registered excellent performance in the first semester of 2022, delivering superior returns to our shareholders. The residential and commercial divisions continued the positive evolution in 2022, resulting in the EBITDA being 11 percent above the value budgeted for the first half of 2022, and the net profit 23 percent higher. The excellent cash position recorded as of June 30th will be further supported with EUR 51.5 million raised during the share capital increase, resulting in a negative net debt. All the indicators are pointing towards a strong position of our business as we look forward to increasing our investment and development activity in the coming period,” said Victor Capitanu, co-CEO at One United Properties.
In the first six months of 2022, One United Properties sold and pre-sold apartments, parking spaces, commercial spaces and other units for a total of EUR 66.5 million. As of June 30th, 2022, 80 percent of apartments currently under development were sold out, and the company has to receive additional cash in of EUR 168.2 million until the end of 2023 from sales contracted by clients. In Q3 2022, the sales at two new developments, One Lake Club and One Herastrau Vista, kicked off.
The rental income, which includes the income generated by the office as well as retail divisions has reached EUR 4.7 million. The effect has been driven by the revenues coming from tenants at One Tower, which is fully leased out and One Cotroceni Park Phase 1, leased out at 85 percent as of June 30th, 2022, however not yet generating full income since a significant part of tenants are still in the fit-out phase. The rental income also includes results generated by Bucur Obor, an emblematic shopping center in Bucharest with a gross leasable area of 26,000 sqm, where the Group holds a majority stake. The management estimates that the revenues from rental income will continue to grow quarter-on-quarter, bringing more significant weight in the second half of 2022, given the growing occupancy in the office developments as well as the acquisition of fully leased One Victoriei Plaza in July 2022.
