One United Properties targets consolidated gross profit of EUR 125.9 million in 2023
One United Properties (BVB: ONE), Romania's leading developer of sustainable residential, mixed-use and office real estate, proposes to the Annual General Meeting of Shareholders from April 25th, 2023 a target for consolidated gross…
One United Properties (BVB: ONE), Romania's leading developer of sustainable residential, mixed-use and office real estate, proposes to the Annual General Meeting of Shareholders from April 25th, 2023 a target for consolidated gross turnover in 2023 of EUR 290.2 million, a 23% increase compared to the 2022 preliminary result, and a consolidated gross profit of EUR 125.9 million, 12% higher than the preliminary result for 2022.
The net profit is estimated to reach EUR 107.3 million in 2023, a 5% increase versus 2022, with the net margin expected at 37%. The total investments and CAPEX costs for 2023, including land acquisitions and development costs, are estimated at EUR 235.6 million.
"The GDP growth of Romania is expected to temper in 2023, nonetheless outperforming other economies in the region such as Poland, Czech Republic or Hungary. The region of Bucharest-Ilfov, which is home to almost 3 million people, generates a third of Romania's GDP and is considered one of the developed regions in Europe. Given this, One United Properties' strategy for 2023 and beyond will continue to focus on Bucharest, which has a GDP per capita at 164% of the EU average, higher than cities such as Vienna or Berlin, and ranks among the top 10 largest cities in the EU. Despite the challenging economic environment, we anticipate that more families will choose to upgrade their living standards by investing in ONE's safe, energy-efficient, and sustainable developments, thereby contributing to the increased demand we have experienced over the past decade," said Victor Capitanu, co-CEO of One United Properties.
The revenues from residential property sales are targeted to reach EUR 204.7 million in 2023, a 31% increase compared to the 2022 preliminary result. For 2023, the One United Properties sales team has a portfolio of 1,143 residential units currently available for sale and pre-sale. Additionally, pre-sales for other 1,167 units located within the first phases of One Lake District and One Lake Club will begin in the first half of 2023, bolstering the company's product pipeline and catering to the medium, medium-high, and high-end segments. Based on the high demand already recorded, the following developments are estimated to generate the most sales in 2023: One Lake District, One Lake Club, One High District, One Floreasca Towers, and One North Lofts.
The rental revenues, including rental income and revenues from services to tenants, are estimated to amount EUR 33.2 million in 2023, a 114% increase compared to the preliminary result for 2022. Revenues from One Cotroceni Park Phase 1, delivered in December 2021 and estimated to be fully leased out this year, will significantly increase the rental income in 2023. One Cotroceni Park Phase 2, delivered in Q1 2023, is expected to start generating revenues this year. Additionally, the rental income in 2023 will include the results generated by the assets acquired in 2022: One Victoriei Plaza and Bucur Obor.
