S IMMO AG reports strong H1 2024 financial results, driven by strategic investments and disposals

In the first half of 2024, S IMMO AG reported strong financial performance, driven by strategic investments and successful disposals. The company achieved significant growth in total revenues and rental income, with gross profit soaring by 49% compared to the previous year. S IMMO’s prudent investment strategy was a key factor in these gains, setting a sustainable foundation for future earnings.

Radka Doehring, a member of the Management Board, emphasized that the growth in key operating figures is not a one-off occurrence but reflects a solid base for ongoing financial health. Total revenues for the period increased from EUR 137.8 million to EUR 185.6 million, while rental income surged from EUR 74.8 million to EUR 111.9 million.

The company’s EBITDA saw a remarkable rise of nearly 60%, reaching EUR 88.1 million. The financial results were also bolstered by strategic property acquisitions, particularly in the Czech Republic and Austria, and the disposal of the HOTO Business Tower in Zagreb.

Despite these successes, S IMMO’s property valuation result remained slightly negative, and financial results, though improved, still faced challenges. Looking forward, the company plans to continue optimizing its earnings through further acquisitions and disposals.

In terms of assets, S IMMO’s total assets grew to EUR 4,263.2 million by the end of June 2024, reflecting the company’s robust portfolio, despite ongoing sales activities in Germany and Austria. The company also noted that its equity rose to EUR 1,660.8 million, with a book value per share of EUR 23.63.

As S IMMO prepares for a planned squeeze-out by IMMOFINANZ AG, affecting around 7.13% of its share capital, the company’s strong performance in the first half of 2024 underscores its effective business model and strategic foresight in the real estate market.