Romania's One United Properties eyes 16% rise in profit in 2024

One United Properties has set a consolidated turnover target of 349.9 million euro for this year, a 14% increase over 2023, the company said in a press release.

"Our aim is to double our business by 2030 and quadruple it by 2035, capitalizing on Bucharest's favourable development trajectory and our dedication to delivering high-quality, sustainable housing. The ambitious targets we have set for 2024 serve as critical milestones on this path," said Andrei Diaconescu, co-CEO at One United Properties.

Revenue from residential property sales is projected to increase by 25% on the year to 285 million euro in 2024, while the rental revenue target is set at 35.3 million euro which represents a 36% annual increase.

One United had 1,415 units available for sale or pre-sale at the beginning of this year. The company expects to add to its portfolio almost 2,500 units from its One Lake District and One Cotroceni Towers residential projects.

In 2023, One United Properties booked a 30% increase in consolidated turnover, reaching a record 308.1 million euro. The company's total assets stood at an all-time-high 1 billion euro at the end of 2023.

Last week, One United requested its shareholders to temporarily give up pre-emption rights during their general meeting scheduled for April 25. A potential approval of this request will enable One United Properties to increase its capital by up to 20% over the next three years. The company also proposed to its shareholders to endorse a potential bond issuance worth up to 300 million euro that it will pursue if rates ease in the future.

Recently, One United Properties partnered with global hospitality company Ennismore to open a hotel in Bucharest.

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

Blue-chip One United's shares traded 0.31% higher at 0.969 lei as at 1508 CET on Monday on the Bucharest bourse.

($=0.9245 euro)