One United Properties (BVB: ONE), Romania’s leading green developer of residential, mixed-use, and office real estate, recorded turnover of EUR 208.5 million in the first nine months of 2024, an 11% year-on-year decrease. This marks the second time in the Company’s history that turnover has surpassed EUR 200 million already within the first three quarters, reaffirming One United Properties strong position in the Romanian real estate market. Gross profit for the period was EUR 70.8 million, while net profit reached EUR 60 million.
“This has been a solid quarter for One United Properties, marked by substantial increases in net income from residential property sales and net rental income, driving improved profitability across our core segments. Achieving these results is particularly noteworthy given that construction progress was slower than anticipated this year, due to administrative delays. What matters though is that this turnover is not lost, but simply delayed, reflecting the company’s revenue recognition model that favours recognition of sales in line with the construction progress, according to the International Financial Reporting Standards. Going forward, we remain committed to advancing our projects and adapting to market needs efficiently,” said Victor Căpitanu, Co-CEO of One United Properties.
Revenue from the residential segment reached EUR 164.2 million, a 7% YoY decrease reflecting the transition of many construction sites into their final stages, where revenue is recognized more gradually. However, net income from residential properties increased by 12% YoY to EUR 56.9 million. Notably, the net margin from residential sales rose from 28.7% in 9M 2023 to 34.6% in 9M 2024, reflecting the impact of ongoing construction progress.
Rental income, which includes revenue from the commercial division and tenant services, increased by 14% YoY to EUR 22.8 million in 9M 2024. Net rental income saw a 19% YoY rise, reaching EUR 16.3 million. In the first nine months of 2024, One United Properties successfully leased and pre-leased 12,100 square meters of office and retail spaces and signed multiple contract extensions totaling 6,770 square meters. The financial impact of these new leases will be reflected in future revenues.
Despite significant development activities, the Company’s cash position increased by 47% since the beginning of the year, reaching EUR 124.1 million at the end of Q3 2024, supported by the share capital increase. The gross loan-to-value ratio remained stable at 30% as of September 30, 2024, indicating a solid financial foundation and low leverage compared to European peers. Net debt improved, decreasing to EUR 111.4 million, which represents 10% of total assets.
“Our financial position is at its strongest, as demonstrated by our robust cash reserves, substantial real estate assets, and low leverage. Since our IPO, we have significantly scaled our business, tripling our assets and equity, while maintaining a lean operational structure and controlling administrative costs. We currently have EUR 1.5 billion in Gross Development Value under construction and an additional EUR 1.8 billion in the pipeline. This expanding portfolio, coupled with our disciplined financial management, positions us to seize new opportunities in the Bucharest real estate market and continue contributing positively to the communities we serve,” added Andrei Diaconescu, Co-CEO of One United Properties.
As of September 30, 2024, One United Properties had 14 developments under construction, encompassing 4,041 units, 22,000 sqm of office spaces and 21,000 sqm of commercial spaces with a total Gross Development Value (GDV) of EUR 1.5 billion. As of the end of the period, 70% of the units available for sale, either under development or delivered, were sold out. Amounts to be received under contracts concluded with customers as of September 30, 2024, are EUR 353 million in additional cash by 2026.
The information provided by KomuniK
Some dinners are eaten. Others are remembered. At Corinthia Grand Hotel du Boulevard, the past few months have unfolded like a quiet culinary opera. One by one, Europe’s most celebrated chefs arrived, took over the kitchen of Boulevard 73 and left behind more than menus; they left stories. Now, on December 4, the curtain falls. […]
HORIZON CITY, a €130 million residential project, is emerging as one of the most solid and forward-thinking developments in the Pipera area—both through its scale and through the modern direction it sets for the new residential standards in the north. Developed across nearly 23,000 sqm, with 699 apartments and 926 parking spaces, the project brings […]
Romania’s National Forest Administration, or Romsilva, announced that it is putting over 16,000 Christmas trees up for sale over the winter in a press release published on Thursday, November 27. The trees can be purchased directly from the offices of the forestry districts. Prices range between RON 17 (EUR 3.3) for a spruce...
Lot 3 Pietroasele–Buzău of Romania's A7 highway, also known as the Moldova highway, was inaugurated on Thursday, November 27. The newly inaugurated segment is 13.9 km long. The A7 connects Romania’s historic regions of Muntenia, the southern part of the country, with Moldova, the eastern part. “We are opening another 13 km of the Moldova Motorway […]
The City Hall of Sinaia, a popular mountain town roughly 120 km north of Bucharest, announced that a new attraction, the alpine coaster on Pârtia Nouă, will officially open on December 1. The installation, located in the ski area near the Sinaia Gondola, features what the authorities say is the longest track of its kind […]
The Romanian national team debuted with a victory in Group A of the Women’s Handball World Championship, organized in the Netherlands and Germany. Romania won 33–24 (13–12) against Croatia in the Ahoy Arena in Rotterdam on Thursday, November 27. The Romanian team dominated the match in the second half, left backer Sorina-Maria Grozav scoring 7 […]
