One United Properties, Romania’s leading green developer of residential, mixed-use, and office real estate, recorded a 10% increase in the profitability of the company’s key segments, which comprise the net income from residential properties and net rental income, while consolidated revenues reached EUR 140.6 million in the first half of 2024. Gross profit stood at EUR 53.2 million, while net profit reached EUR 46 million. “The combined 10% increase in profitability of our two core segments, to 49.1 million euros, underscores the strength and resilience of our business model, based on performant residential and office divisions. The dedication of our sales and leasing teams has been crucial to our solid results, which will be reflected in future revenue and net profits in line with our revenue recognition policy. Despite industry challenges, our commitment to offering the highest quality residential and office spaces remains our winning strategy, enabling us to maintain strong financial stability and a positive outlook,” said Victor Capitanu, Co-CEO of One United Properties. Revenue from the residential segment reached EUR 105.4 million, a 14% YoY decrease. However, net income from residential properties increased by 6% YoY to EUR 38.3 million. This growth was driven by the new developments initiated between 2022 and the first half of 2024, where significant construction progress paired with strong sales and pre-sales of residential units led to improved results. Notably, the net margin from residential sales rose from 29.5% in H1 2023 to 36.3% in H1 2024, reflecting the impact of ongoing construction progress. Rental income, which includes revenue from the commercial division and tenant services, increased by 18% YoY to EUR 15.1 million in H1 2024. Net rental income saw a 25% YoY rise, reaching EUR 10.8 million. In the first half of 2024, One United Properties successfully leased and pre-leased 8,100 square meters of office space and signed multiple contract extensions totaling 6,770 square meters. The financial impact of these new leases will be reflected in future revenues. “The first half of 2024 marked a high level of activity for One United Properties as we expanded our iconic One Community and advanced our construction projects. With 12 developments underway, including the transformative One Athénée and One Gallery developments, our work will leave a lasting impact on the city of Bucharest. While the market presents challenges, the scale of our operations is unparalleled, and we are confident that the results of this immense effort will be evident in our financial performance in the coming quarters as we begin delivering high-quality residential units and office spaces to our customers,” said Andrei Diaconescu, Co-CEO of One United Properties. As of June 30, 2024, One United Properties had 12 developments under construction, encompassing 4,041 residential and commercial units and nearly 45,000 square meters of office and commercial space. Despite significant development activity, which led to a 20% decline in the cash position, the Group maintained a solid cash reserve of EUR 67.5 million. Notably, as of the end of H1 2024, the loan-to-value ratio stood at 30%, a 2 percentage-point increase since the end of 2023. Net debt remained low at EUR 170.5 million, representing 16% of total assets. Amounts to be received under contracts concluded with customers as of June 30th, 2024, will total 331 million euros in additional cash by 2026. ____________________ ONE UNITED PROPERTIES is the leading green investor and developer of residential, mixed-use, and commercial real estate in Bucharest, Romania. One United Properties is an innovative company dedicated to accelerating the adoption of construction practices for safe, energy-efficient, sustainable, and healthy buildings, and has received numerous awards and recognitions for its superior sustainability, energy efficiency, and wellness. The company is publicly traded on the Bucharest Stock Exchange, and its shares are included in multiple indices such as BET, STOXX, MSCI, FTSE, ROTX and CEEplus.
Six men and one woman from Romania have been accused of recruiting dozens of children and adults from foster care centers, whom they then transported to Hungary, where they turned them into slaves, forcing them to work under inhumane conditions. The accused are from the localities of Ozun and Chilieni, Covasna County, Romania, and allegedly […]
The Museum of Collectivization, the first in Romania dedicated to the forced collectivization period of the communist era, is set to open a new wing, Corp B, funded through the EU-backed National Recovery and Resilience Plan (PNRR) and co-financed by the National Cultural Fund Administration (AFCN). With the new building, the museum located in Tămășeni, […]
Romania’s “Madrigal – Marin Constantin” National Chamber Choir, conducted by Anna Ungureanu, will be in Luxembourg and Belgium, as part of the “Bridges Across Europe/Punți peste Europa” European tour, where it will perform five extraordinary concerts. The performances will take place between November 20 and 25, with the help of the Ministry of Culture, the Romanian Embassy […]
The European Development Bank approved a EUR 140 million loan for Romania’s “Cultural Foundations” project, aimed at preserving historical monuments and constructing cultural buildings in the country. The project targets 14 investment objectives of national and European relevance, administered by public institutions under the Ministry of Culture, including the Romanian Athenaeum, the Romanian National Operas […]
Bucharest, November 14, 2024 – Exim Banca Romaneasca offers clients the possibility to verify the true identity of the beneficiary when initiating a payment in RON through internet or mobile banking. This is enabled by the bank’s adoption of the Beneficiary Name Display Service (SANB), which helps prevent fraud and reduces erroneous transactions caused by […]
Fifty NGOs and civic groups, along with the Bucharest Environmental Platform, have drawn up an open letter calling on Romania’s Ministry of Environment, Waters, and Forests to urgently approve the Management Plan for the Văcărești Natural Park in Bucharest. They say the plan has been pending approval for nearly a year. The non-profits noted that […]
