One United Properties posts turnover of 208.5 million euros, down 11 percent in the first nine months

One United Properties recorded turnover of 208.5 million euros in the first nine months of 2024, an 11 percent year-on-year decrease. Gross profit for the period was 70.8 million euros, while net profit reached 60 million euros.

“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 164.2 million euros, a 7 percent YoY decrease reflecting the transition of many construction sites into their final stages, where revenue is recognized more gradually.

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 1.5 billion euros.

As of the end of the period, 70 percent 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 353 million euros in additional cash by 2026.