Romania's One United Properties net profit down 12% in 2023

One United Properties booked consolidated turnover of 1.516 billion euro in 2023, up 30% year-on-year, it said in an interim financial report filed with the Bucharest bourse.

The increase in turnover came on the back of a 46% rise in residential property sales revenues, which totaled 1.122 billion euro in 2023.

The net income from residential property decreased by 4% year-on-year to 307.4 million lei, due to the revenue recognition of the new developments where construction began as of 2023. Last year, the company sold apartments, parking spaces, along with other unit types for a total of 274.9 million euro ($298.4 million).

Last year, the company finished the construction of 1,430 residential units at its One Cotroceni Park, One Verdi Park, One Floreasca Vista and One Timpuri Noi complexes, with a total area of 235,200 sq m.

One United Properties' rental income, generated by its office and retail divisions, reached 128.4 million euro in 2023, 63% more than the figure registered a year prior.

The company's total assets grew 18% in 2023, reaching the landmark threshold of 5 billion lei.

One United Properties shares traded flat at 1.006 lei ($0.22/0.2 euro) on the Bucharest Stock Exchange at 1020 CET on Tuesday.

($=0.921305 euro)