IMMOBEL realizes a record net profit of EUR 56.4 million in the first six months of 2019

IMMOBEL realizes a record net profit of EUR 56.4 million in the first six months of 2019

IMMOBEL’s revenues in the first half of 2019 increased by 44.1% to EUR 140.8 million while its EBITDA[1] and net profit (Group share) amounted to EUR 67.2 million and EUR 56.4 million respectively. This results in a net profit of EUR 6.43/share compared to EUR 1.71/share during the same period last year.  This means that in the first six months alone it achieves a result equal to the annual result for the record year 2018. 

The company’s balance sheet, with equity of EUR 380.7 million and net debt of EUR 446.9 million as at the end of June 2019, remains strong with a gearing ratio of 54%.

IMMOBEL acquired in the first semester 91,600 m² of new projects in Belgium, Germany and France with an expected sales value[2] of more than EUR 550 million, strengthening its portfolio in both residential and office segments. With expected sales value of its entire portfolio now standing at EUR 4.4 billion, the company is expected to continue to deliver strong recurrent results in the coming years, influenced by exceptional transactions, as is the case for 2019, which should become more frequent.

IMMOBEL acquired 100% of Nafilyan & Partners, its subsidiary for residential development in France after closing date.

As of 23 September IMMOBEL will be included in the BEL Mid index, the Mid-Cap stock Index of Euronext Brussels, reflecting the increased interest from investors in our company.

 

[1] EBITDA (Earnings Before Interest, Depreciation and Amortization) refers to the operating result before amortization, depreciation and impairment of assets (as included in Administration Costs)

[2] Expected sales value is the total expected future turnover (Group Share) of all projects in portfolio

 

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