One United Properties posts a gross profit of EUR 42 million in Q1 2022
One United Properties recorded a consolidated turnover of EUR 70.5 million in the first three months of 2022, an 81 percent increase compared to Q1 2021. The gross profit increased almost fourfold in Q1 2022 compared to Q1 2021, reaching EUR 42 million, while the bottom line surged 314 percent, amounting to EUR 33.6 million. Due to the solid results in the first quarter, the cash position increased 11 percent since the beginning of the year, to EUR 114.5 million, on a loan-to-value ratio 25 percent.
"Romanian real estate market continued its strong performance well into 2022, and we see a growing demand for our developments. The rising inflation and negative real interest rates on deposits drive savings into real estate, despite the current geopolitical context. In this effervescent market, One United Properties maintains its leading position as we close the first quarter of 2022 with historical results both in terms of the top line as well as the bottom line. The net margin from residential sales appreciated 17 percentage points compared to Q1 2021 due to strong cost-control based on secured contracts and an established forward buying policy, while our recurring rental income registered an 11-fold increase in the context of growing office and retail division. As Bucharest continues to show extraordinary development potential, we continue building a strong pipeline for our future landmark developments," said Victor Capitanu, co-CEO at One United Properties.