Servizi
One United Properties posts a consolidated turnover of 208.5 million euros and a gross profit of 70.8 million euros in the first nine months of 2024
Revenue from the residential segment reached EUR 164.2 million , a 7% YoY decrease reflecting the transition of many construction sites into their final stages, where revenue is recognized more gradually. However, net income from residential properties increased by 12% YoY to EUR 56.9 million . Notably, the net margin from residential sales rose from 28.7% in 9M 2023 to 34.6% in 9M 2024, reflecting the impact of ongoing construction progress.
Rental income, which includes revenue from the commercial division and tenant services, increased by 14% YoY to EUR 22.8 million in 9M 2024. Net rental income saw a 19% YoY rise, reaching EUR 16.3 million . In the first nine months of 2024, One United Properties successfully leased and pre-leased 12,100 square meters of office and retail spaces and signed multiple contract extensions totaling 6,770 square meters. The financial impact of these new leases will be reflected in future revenues.
Despite significant development activities, the Company's cash position increased by 47% since the beginning of the year, reaching EUR 124.1 million at the end of Q3 2024, supported by the share capital increase. The gross loan-to-value ratio remained stable at 30% as of September 30, 2024 , indicating a solid financial foundation and low leverage compared to European peers. Net debt improved, decreasing to EUR 111.4 million , which represents 10% of total assets.
"Our financial position is at its strongest, as demonstrated by our robust cash reserves, substantial real estate assets, and low leverage. Since our IPO, we have significantly scaled our business, tripling our assets and equity, while maintaining a lean operational structure and controlling administrative costs. We currently have
EUR 1.5 billion in Gross Development Value under construction and an additional
EUR 1.8 billion in the pipeline. This expanding portfolio, coupled with our disciplined financial management, positions us to seize new opportunities in the
Bucharest real estate market and continue contributing positively to the communities we serve," added
Andrei Diaconescu , Co-CEO of One United Properties.
As of September 30, 2024 , One United Properties had 14 developments under construction, encompassing 4,041 units, 22,000 sqm of office spaces and 21,000 sqm of commercial spaces with a total Gross Development Value (GDV) of EUR 1.5 billion . As of the end of the period, 70% of the units available for sale, either under development or delivered, were sold out. Amounts to be received under contracts concluded with customers as of September 30, 2024 , are EUR 353 million in additional cash by 2026.
(BVB: ONE ) is the leading green investor and developer of residential, mixed-use, and commercial real estate in Bucharest, Romania . One United Properties is an innovative company dedicated to accelerating the adoption of construction practices for safe, energy-efficient, sustainable, and healthy buildings, and has received numerous awards and recognitions for its superior sustainability, energy efficiency, and wellness. The company is publicly traded on the Bucharest Stock Exchange, and its shares are included in multiple indices such as BET, STOXX, MSCI, FTSE, ROTX and CEEplus.
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