BBI Development had PLN 3.68 million of net profit, PLN 1.87 million of EBIT profit in 2020
BBI Development recorded PLN 3.68m in consolidated net profit attributable to shareholders of the parent company in 2020 compared to PLN 58.01m in profit a year earlier, the company said in its financial report.
The operating profit amounted to PLN 1.87 million compared to PLN 54.06 million profit a year earlier.
Consolidated operating income reached PLN 84.5 million in 2020 compared to PLN 20.77 million a year earlier.
"The described period brought an increase in the group's revenues year-on-year, mainly due to the transfer to buyers of the ownership of premises in the fully sold residential stage E1 / E3 of the Centrum Praskie Koneser project, and at the same time a further decrease in consolidated debt, which continued also in the first quarter of this year, which improves the Group's financial security.At the level of the standalone income statement, the company recognized a significant profit on the sale of the Centrum Marszałkowska project in 2020, made in 2019 by a subsidiary, in the amount of PLN 47.9 million, office and retail project of Centrum Praskie Koneser in Warsaw's Praga district, which covers over 52,000 sqm, mostly leased space, located in newly built and carefully restored historic buildings.Stable revenue growth in 2020 was disturbed by the impact of the COVID-19 pandemic and related Fr. limits to commercial activities, however, the aforementioned fluctuations in revenues did not have a significant negative impact on the project, which confirms the high quality of this important asset in the group's portfolio. 2020 was better in terms of the pace and revenues from the sale of the Złota 44 project in Warsaw. By the date of this publication, the sales level has exceeded 90%, and the level of interest in the last remaining luxury apartments allows us to hope for a complete sale at the turn of this and next year, "wrote President Michał Skotnicki in a letter to shareholders.
"In the following years, the group will continue the strategy of selling completed projects, as well as acquiring and developing new, in the preferred model of joint ventures with property owners or equity investors. The company will continue to develop the service segment, primarily in the field of architectural works and management" - added the president .
On a standalone basis, the net profit in 2020 amounted to PLN 37.04 million compared to PLN 65.73 million loss a year earlier.
BBI Development is a real estate development company listed on the Warsaw Stock Exchange (WSE) since 1997.
Source: BBI Development and ISBnews
Image: Roma Tower - BBI Development