Profil:
Atal SAAtal real estate posts net profit of PLN 40.7 mln in Q4, above expectations
Housing developer Atal Group had a net profit of PLN 40.7 million (EUR 9.7 mln), EBIT of PLN 39.5 million (EUR 9.4 mln) and revenue of PLN 271.3 million (EUR 64.8 mln) in the fourth quarter of 2024, the company said in its results report. The consensus was for PLN 37.9 million (EUR 9 mln) net profit, PLN 252.4 million (EUR 60.3 mln) revenues and PLN 43.6 million (EUR 10.4 mln) EBIT.
YTD 2024, after the delivery of 2,460 residential and commercial units, the developer generated consolidated revenues of PLN 1.487 billion (EUR 355.1 mln).
Attributable net profit amounted to PLN 295.4 million (EUR 70.5 mln) and EBIT to PLN 331.1 million (EUR 79 mln). Gross profit on sales fell to PLN 386.3 million (EUR 92.2 mln) from PLN 448.6 million (EUR 107.1 mln) in 2023.
The net margin in 2024 was 19.9 percent and the gross margin on sales was approximately 26 percent.
In 2024, the Atal Group concluded 2,068 development and preliminary agreements. In 2023, the number of units sold amounted to 2,833 and in 2022 to 2,091. At the end of 2024, Atal had more than 105 active reservation agreements.
"In 2025, we expect stable sales at a relatively high level. At the same time, buyers will look forward to changes regarding banks' lending policies and interest rate cuts. This will certainly stimulate more interest in flats by those supporting themselves with a mortgage. We believe that cash customers will still be active on the market," Atal's CEO Zbigniew Juroszek said, quoted in the release.
He added that administrative and bureaucratic issues would remain a challenge for the market.
Atal has launched a total of 24 development projects in 2024, for a total of 4,739 units.
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