Echo Investment posted PLN 13.3m net profit, PLN 43.38m EBIT in Q1 2024

Echo Investment posted PLN 13.3m consolidated net profit attributable to shareholders of the parent company in Q1 2024, compared to PLN 11.53m profit a year earlier, the company said.

"In Q1 2024, we generated PLN 13.3 million in net profit attributable to shareholders of the parent company within the Group. This result was mainly influenced by the handover of keys to 415 flats to customers. In the period ended, we sold another 410 of them. We currently have a land bank that enables us to develop approximately 10,000 flats for sale under the Archicom brand in the largest cities in Poland," wrote CEO Nicklas Lindberg in a letter accompanying the report.

Operating profit amounted to PLN 43.38m, compared to PLN 25.3m profit a year earlier.

Consolidated sales revenue reached PLN 358.95m in Q1 2024 against PLN 210.09m a year earlier.

In Q1 of this year. Echo and Archicom concluded 410 preliminary and development agreements. The keys to 415 flats were placed in the hands of customers.

Resi4Rent maintained its position as the largest player in the rental housing sector in Poland during this period, with more than 4,100 finished units in 14 locations.

A total of 8.8 sqm of space in Echo Investment's office buildings was finished, prepared and commissioned for tenants, the report mentioned.

On a standalone basis, net profit in Q1 2024 was PLN 24.29m, compared to PLN 55.2m profit a year earlier.

Echo Investment is a Polish property developer with investments in three sectors of the real estate market: residential, retail and office. The company has been listed on the WSE since 1996; it is part of the sWIG80 index. It had consolidated revenues of PLN 1.57 billion in 2023.

Source: Echo Investment and ISBnews
Photo: Nicklas Lindberg, CEO, Echo Investment