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Echo Investment SA
Publikacja: 2024-09-19 08:34

Echo Investment posts net profit of PLN 1.9 mln and operating loss of PLN 19.2 mln in Q2 2024

Listed developer Echo Investment posted a net profit of PLN 1.9 million (EUR 441,000) and an operating loss of PLN 19.2 million (EUR 4.46 mln) in the second quarter of 2024, according to the company's report. The PAP Biznes consensus was for a net loss of PLN 19.7 million (EUR 4.57 mln) and an EBIT loss of PLN 25.2 million (EUR 5.85 mln).

Revenues in the second quarter of 2024 were PLN 130.1 million (EUR 30.2 mln), compared to a consensus of PLN 107.5 million (EUR 25 mln).

In comparison, in the second quarter of 2023. Echo Investment had a net loss of PLN 2.4 million (EUR 557,000), revenue of PLN 246.9 million (EUR 57.3 mln) and EBIT of PLN 6.8 million (EUR 1.58 mln).

Gross profit on sales in the second quarter of 2024 amounted to PLN 38.2 million (EUR 8.9 mln), compared to PLN 81 million (EUR 18.8 mln) a year ago.

For the entire first half of 2024, the group had PLN 489 million (EUR 113.6 mln) in revenue, PLN 24.2 million (EUR 5.6 mln) in EBIT and PLN 15.2 million (EUR 3.5 mln) in net profit.

During this period, under the Archicom brand, the group sold 882 units, an increase of nearly 10 percent compared to the same period a year ago, and handed over 480 flats.

"We see the residential market as stable with potential for further growth, which will allow us to achieve our long-term goal of selling 4,000 units a year. We anticipate that this number will reach 2,600 by the end of 2024," assessed CEO Nicklas Lindberg in a letter to shareholders.

The portfolio of the Resi4Rent platform, a subscription housing provider, grew in the first half of the year to 4,400 finished rental flats in 15 locations.

By the end of 2024, the group plans to have more than 6,200 operational flats of this type and another 4,000 under construction.

The Echo-Archicom Group is currently developing more than 4.4 thousand flats for sale, of which construction of more than 1.7 thousand started in the first half of the year. Construction of a further 2.3 thousand units is expected to start by the end of the year.

doa/ han/

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