Warimpex had a net profit of 3.25 million euros, EUR 16.75 million in EBITDA in Q1. 2023

by   CIJ News iDesk III
2023-11-29   12:00

Warimpex recorded 3.25 million euros of consolidated net profit in Q1. 2023, compared to EUR 13.58 million in profit a year earlier, the company announced.

Operating profit amounted to EUR 14.72 million compared to EUR 21.48 million profit a year earlier. EBITDA gained 16.75 million euros compared to EUR 15.95 million profit a year earlier.

Consolidated sales revenues together reached EUR 37.54 million in Q1 2015. 2023 compared to 32.43 million euros a year earlier.

“In the first three quarters, where market conditions still remained demanding, the Warimpex Group generated strongly positive results. The increase in operating revenues by 16% and the EBITDA ratio by 5% confirm the company’s excellent operating condition. After taking into account depreciation write-offs and valuation of real estate, the net result of the period amounted to EUR 3.2 million compared to 13.6 million euros in the first three quarters of last year.

Recently, the company’s activity has focused on the resolution approving the new spatial development plan for investments in office and commercial real estate in Darmstadt and on the completion of the Mogilska 35 Office project in Krakow after the balance sheet day.

In the future, Warimpex is planning to carry out a large project, which is the construction of office buildings in the German city of Darmstadt. In the area of 'Telekom City' in the immediate vicinity of the hotel greeting, in a great location there are reserve plots for this purpose. An important milestone on the way to the implementation of this project was the adoption in September of a resolution approving the zoning plan. This means that in this area you can build office and commercial facilities with a total area of all floors max. 77 500 m2. Works related to the planning of the first facility 'West Yard 29' with a gross area of approx. 13,800 m2 are very advanced. The building permit application was submitted after the balance sheet date. The start of construction will depend on favorable market conditions in a given period and on securing the interest of tenants, and this means that it will take place not earlier than in the second half of 2024, the company reported.

Further development investments are being prepared, such as the MC 55 multifunctional facility in Białystok with an area of approx. 38 500 m2 and Chopin office and residential facility with an area of approx. 21 200 m2 in Krakow. Building permits have already been issued for both projects. No new development investments are planned in Russia, the company also stated.

"The operational focus is on continuing the projects developed on the reserve land held. [...] The Group as a whole also aims to confirm the sustainable development concepts being implemented by obtaining the relevant certificates for individual properties and creating the conditions for a modern working environment of the highest quality," said the CEO Franz Jurkowitsch.

Warimpex Finanz- und Beteiligungs AG is a development and investment company based in Vienna, listed on the Vienna Stock Exchange and Warsaw. Its core business focuses on building and running hotels and office properties in Central and Eastern Europe.

Source: Warimpex and ISBnews