One United Properties, a green developer of residential, mixed-use and office real estate in Romania, posted a record turnover of 434 million lei in the first six months of 2021, a 96% increase compared to the same period of 2020. The company, which floated on the Main Market of the Bucharest Stock Exchange in July 2021, registered a 267% surge in net profit compared to the first six months of last year, as the bottom line reached 147.5 million lei.
“Romanian real estate market closed the best semester in its history, and One United Properties financial results reflect this positive evolution. The performance we report today for the first six months of 2021 confirms the growth prospects that we have promised to our investors and the immense potential that lies within the local market. The sales generated between July and August indicate that the second part of the year will continue to bring new records to the residential market. With a cash position of 350 million lei as of June 30th and additional cash proceeds from the IPO in the total amount of 252 million, we are targeting accelerated development in the coming months,” said Victor Capitanu, co-founder of One United Properties.
Revenue from the development and sale of residential properties increased 51% compared to the same period of last year, reaching 332.8 million lei. The net income from residential property grew in line with the revenue, registering a 46% increase, up to 108.1 million lei. Consequently, the net margin from residential property sales reached 32.5% for the first six months of 2021. The revenue from the development of office buildings amounted to 88.4 million lei, with the main impact being generated by the development of One Tower and One Cotroceni Park.
“Through the IPO completed in July 2021, we have entered a stage of maturity as a business, but the performance we present today shows that in the case of One United Properties, maturity does not come at the expense of growth. From acquisition of land for One Lake Club and for One High District, starting construction of the residential phase of One Cotroceni Park, to completion of One Floreasca City and Neo Mamaia, the first half of 2021 marked multiple milestones for One United Properties. The exceptional performance of our team is a confirmation to all our shareholders that we are determined to maintain the leading position in the market for premium residential and mixed-use developments,” said Andrei Diaconescu, co-founder of One United Properties.
The General and Administrative expenses grew only by 5% compared to the same period of last year, from 16.2 million lei to 17 million lei. Consequently, the EBITDA surged 223%, reaching 189.4 million lei, while the gross result reached 182.2 million lei, a 239% increase compared to 53.7 million lei registered in the first half of last year.
In the first six months of this year, One United Properties sold 261 apartments with a total surface of 26,309 sqm, 345 parking spaces, 16 commercial spaces and other units for a total of 96 million euros. For comparison, in the first half of 2020, the Group sold 85 apartments with a total surface of 12,872 sqm, 101 parking spaces, two commercial spaces and other units for 29.3 million euros.
As of June 30th, 2021, the land owned by One United Properties for further real estate development reached a total surface of 138,000 sqm, the surface on which the company estimates construction of more than 3,200 apartments. Moreover, the company has a strong pipeline of land for its land bank in various stages of negotiation.