Romania's One United Properties 9-mo net profit drops 18%

Revenue climbed by 27% on the year in January-September, to 233.5 million euro, supported by a 46% increase in revenues from residential property sales, which reached 177.4 million euro, One United said in a press release on Tuesday.

The net income generated by residential sales dropped by 10% year-on-year, reaching 50.94 million euro in the first nine months of 2023, due to the revenue recognition of the new developments where the construction works began as of the fourth quarter of 2022.

In the first nine months of the year, One United sold apartments, parking spaces, along with other unit types for a total of 230.2 million euro.

"We are on track to deliver nearly 1,500 residential units to our clients, a significant achievement amplified by our efficient management of seven active construction sites simultaneously. [...] A highlight of the third quarter of 2023 was the landmark agreement with Infineon Technologies, entrusting us with a build-to-suit development in a deal exceeding 57 million euros. This agreement underscores our capability to execute large-scale, tailored projects," said Andrei Diaconescu, co-CEO at One United Properties.

Rental income, which includes both office and retail divisions, reached 20 million euro, registering a 90% increase.

Established in 2009, One United Properties is a green investor and developer of residential, commercial and office real estate.

One United Properties shares traded 0.1% higher at 0.981 lei ($0.21/0.19 euro) on the Bucharest Stock Exchange at 0937 CET on Wednesday.

($=0.920516 euro)