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One United Properties posts a consolidated turnover of 171 million euros and a gross profit of 69.8 million euros in H1 2023

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BUCHAREST, Romania, Aug. 29, 2023 /PRNewswire/ — One United Properties (BVB: ONE), the leading Romanian green developer of residential, mixed-use and office real estate, posts a consolidated turnover of 171 million euros in H1 2023, a 26% increase compared to H1 2022. The gross profit reached 69.8 million euros, a 17% increase (excluding the one-off gain from Bucur Obor’s bargain purchase recognized in H1 2022 in amount of 19 million euros). The net profit amounted to 58.2 million euros, an increase of 13% compared to H1 2022 (a 17% year-on-year decrease if including the gain impact). The Company ended the quarter with a significant cash position of 80.2 million euros, down 30% since the beginning of the year due to major development activity carried out in H1 2023 as well as payment of the second tranche of the 2022 dividend. The amounts to be received under contracts concluded with customers as of June 30th, 2023, reached the historically high amount of 281 million euros in additional cash by 2025. The gross loan-to-value indicator improved by 3pp, going down to 25% as of June 30th, 2023, while the net of cash loan-to-value was 14%.

“One United Properties delivered outstanding results in the first half of the year. Despite a double-digit drop in Bucharest’s residential sales, our team nearly tripled new unit sales versus first half of 2022, highlighting our developments’ unique appeal and an accelerated flight to quality. We have reached a historical record of 152.4 million euros in new residential sales in H1 2023. This accomplishment is a testament to our distinct position in the market and the demand for our developments. The decline of the net margin of the residential segment can be attributed to our revenue recognition approach. From Q4 2022 to H1 2023, we initiated a considerable number of new construction sites. Typically, the cost trajectory of a development construction is not linear; early stages incur elevated costs due to excavation, foundation-laying, and infrastructure development. However, across all our residential development activity, we maintain our target to achieve gross profit margins in excess of 35%, allowing us to deliver consistent returns to our shareholders,” said Victor Capitanu, co-CEO at One United Properties.

The increase in turnover was supported by a 57% increase in revenues from residential property sales, which reached 122.5 million euros in H1 2023 versus 78.2 million euros in H1 2022. The increase was driven by enlarged and more diverse residential offering, particularly at One Lake District and One Lake Club, where sales launched this year. The net income from residential property decreased 4% YoY, reaching 36.1 million euros due to the revenue recognition applied by the Group, as a significant number of new developments where construction started in 2023 was added to the sales portfolio, while the units at One Verdi Park and One Floreasca Vista were completed and handed over to the clients. Regardless of the payment method chosen by the client, the Group recognizes the revenues from sales of all residential developments in line with the construction progress. Consequently, the net margin of the residential segment decreased from 48.2%, as recorded for H1 2022, to 29.5% for H1 2023.

In H1 2023, One United Properties sold and pre-sold 466 apartments (+179% YoY) with a total surface of 39,082 sqm (+146% YoY) and 794 parking spaces and other unit types (+89 YoY) were sold and pre-sold for a total of 152.4 million euros in the first six months of 2023 (+129% YoY). As of June 30th, 2023, 65% of all available apartments were sold out, with One High District being the most desired development in H1 2023, with 214 units sold.

“Our historical challenge has been meeting the overwhelming demand that often eclipsed our supply. Today, thanks to a well-planned land acquisition strategy, even with 65% of the units at our developments being already sold out, by June 30th, we still had 1,762 units available for sale and pre-sale and an additional 2,573 units in permitted developments that are currently awaiting construction and sales kick-off. We can fully adapt our sales portfolio to meet client demand by adding these new units. Moreover, apart from a rich residential pipeline in progress, our commercial segment promises to deliver sustained quarterly growth. Our strategic business approach focused on the best locations paired with unparalleled quality assures a steady influx during the construction phase and forecasts predictable future earnings. This makes us an ideal investment option for those in pursuit of predictable but accelerated growth,” said Andrei Diaconescu, co-CEO at One United Properties.

The rental income, which includes the income generated by the commercial division and the revenues from the tenant services, registered a 119% increase, reaching 12.7 million euros. The effect has been driven by the revenues from the entire portfolio, particularly from tenants at the largest developments: One Tower, One Cotroceni Park 1, One Victoriei Plaza, and the impact of the results generated by Bucur Obor, consolidated under the retail division. The rental revenues will continue to grow in H2 2023 due to the delivery of One Cotroceni Park 2 in Q1 2023, once the fit-outs are completed. As of the end of H1 2023, the Company’s office portfolio GLA totals 118,000 sqm, including One Tower, One Cotroceni Park Office Phase 1 and Phase 2, and One Victoriei Plaza. Along with the retail component, One United Properties’ commercial portfolio, that includes Bucur Obor and One Gallery, will reach a GLA of approximately 160,000 sqm.

For 2023, One United Properties targets a turnover of 290.2 million euros and a net profit of 125.9 million euros, in line with the budget published at the beginning of the year. Consistent with the Company’s dividend strategy, the Board of Directors intends to propose a distribution of the 2023 half-year dividend to the shareholders in the upcoming period. This proposal will be subject to approval at the semi-annual General Meeting of the Shareholders.

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In H1 2023, ONE was the 7th most traded stock on the Bucharest Stock Exchange in terms of absolute liquidity and the 6th most traded by liquidity to free-float. The market capitalization as of June 30th, 2023, was approximately 700 million euros. In H1 2023, ONE shares grew 9.23%, surpassing the performance of the BET index, which increased 7%, while the total return for ONE amounted to 10.4% vs. 10% for BET-TR.

As of June 1st, 2023, ONE shares were included in the MSCI Frontier Markets Small Cap index and MSCI Romania Small Cap index. On August 10th, 2023, MSCI announced that effective August 31st, 2023, ONE shares will be promoted from the Small Cap to the Mid Cap category, becoming part of the MSCI Frontier and MSCI Romania indices, which exclusively feature Mid Cap and Large Cap companies.

One United Properties (BVB: ONE) is the leading green investor and developer of residential, mixed-use, and commercial real estate in Bucharest, Romania. One United Properties is an innovative company dedicated to accelerating the adoption of construction practices for safe, energy-efficient, sustainable, and healthy buildings, and has received numerous awards and recognitions for its superior sustainability, energy efficiency, and wellness. The company is publicly traded on the Bucharest Stock Exchange and its shares are included in multiple indices such as BET, STOXX, MSCI, FTSE, ROTX and CEEplus.

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Acceleration of global marketing collaboration between Milk Partners, AirAsia rewards, and The Sandbox

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– Milk Partners, AirAsia rewards and The Sandbox are collaborating to provide a new experience allowing users to earn real-world value through the metaverse gaming platform

– Launching metaverse game project ‘MiL.k X BIGGIE Wonderverse’ offering SAND Tokens, Milk Coins and AirAsia points

– “MiL.k is committed to continuously expanding its blockchain ecosystem through strategic partnerships with global partners.”

SEOUL, South Korea, Oct. 23, 2024 /PRNewswire/ — Milk Partners has announced a collaboration with The Sandbox, the global metaverse platform, and AirAsia rewards, the loyalty program of Asia’s leading online travel agency (OTA), AirAsia MOVE. This partnership is set to offer global users an immersive Web3 experience where they can earn rewards with real-world value through engaging in a metaverse-based game.

The newly launched ‘MiL.k X BIGGIE Wonderverse’ metaverse game allows users to earn Sand Tokens, Milk Coins, and AirAsia points. The game is inspired by BIGGIE, the mascot of AirAsia rewards, and modeled after the BIGGIE Wonderland mini-game in the AirAsia MOVE app. Users need to first complete tasks by collecting Milk Coins (symbolized game assets) in the Sandbox metaverse, which can be exchanged for other game assets such as virtual AirAsia points, virtual passports, and virtual boarding passes. Once all tasks are completed, users will then be rewarded with Milk Coins, Sand Tokens, and AirAsia points.

This collaboration has been based on MiL.k’s reliability and strong global network, which has steadily expanded partnerships with major global companies and has become an innovative model for the industry. 

This collaboration is part of MiL.k’s broader strategy to expand its blockchain-based loyalty ecosystem, which already includes partnerships with SK OK Cashbag, Lotte L.Point, CU, Megabox, Yanolja, and others. AirAsia rewards operates a comprehensive loyalty platform for the AirAsia group, enhancing its travel and lifestyle businesses, including airlines, online travel agent (OTA), logistics, aviation services, e-commerce, financial services, and more. The Sandbox, a global metaverse platform with over 6 million users, offers a unique space for creating games and generating revenue. Together, AirAsia rewards and The Sandbox will further expand MiL.k’s ecosystem through global partnerships.

The CEO of Milk Partners, Jungmin Cho said “Following our successful collaboration event with CU, we are happy to announce the next event with AirAsia rewards. Through this partnership, for partners, we are providing a new marketing channel on metaverse and for users, we are expecting to share the fun experience and real benefits.” He added, “We will continue to explore various opportunities with global partners across diverse industries.”

In June, MiL.k introduced a metaverse experience ‘Play CUX MiL.k’ with CU and The Sandbox, offering users an engaging new way to explore blockchain and the metaverse. MiL.k is committed to continuously expanding its global partnerships to provide more exciting experiences for global users.

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H&M Foundation: Global Change Award 2025 launched – with a mission to accelerate innovation for a net-zero textile industry by 2050

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STOCKHOLM, Oct. 23, 2024 /PRNewswire/ — The H&M Foundation today announces a significant shift in its overall strategic direction, focus on supporting the textile industry in halving its greenhouse gas emissions every decade by 2050, while promoting a just and fair transition for both people and the planet. The innovation challenge Global Change Award 2025 (GCA) is the first initiative to reflect this shift. 

 

 

GCA is now seeking innovative ideas addressing different high emission areas across the textile industry value chain, including sustainable materials and processes, responsible production, mindful consumption, and ‘wildcards’ that support the GCA purpose. Today, only a fraction of philanthropic capital is directed to climate. 

“The textile industry needs all hands-on deck if we are going to meet our climate goals by 2050, and we must ensure this transition is fair for everyone. I really believe that innovation is key to decarbonising the industry, and that the Global Change Award can play a role in identifying and growing future changemakers whose ideas can have a transformative impact if given the right support,” says Karl-Johan Persson, Board Member of the H&M Foundation.

Since GCA launched in 2015, 46 innovations have received support and a combined grant of 8 million euros. While it continues to award 10 winners every year, with each receiving 200,000 EUR, there are other key updates to the GCA:

  • New focus area – decarbonising the textile industry.
  • Holistic approach – equipping changemakers with a holistic people and planet mindset. 
  • Wider range of changemakers – switching to a nomination-based process, instead of an open application system.
  • Systems change approach – equipping changemakers to consider the entire textile value chain and its interconnectedness while also considering the impact on people.

“While the industry is hungry for innovation, the holistic perspective to decarbonisation is often lacking, and the critical early stages of an innovator’s journey overlooked – this is where philanthropy can make a real difference”, says Annie Lindmark, Programme Director for Innovation at the H&M Foundation.

In addition to financial support, winners will gain access to a powerful network of mentors, collaborators, and industry leaders to help bring their solutions to life. Together with partners Accenture and KTH Royal Institute of Technology, H&M Foundation will invite the winners to participate in a yearlong, tailormade Changemaker Programme. The Global Change Award 2025 winners will be announced in April 2025.

CONTACT: Jasmina Sofić, Media Relations Responsible, +4673 465 59 59

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Dow Jones to Expand WSJ Tech Live Event to Qatar

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Exclusive tech event will convene business leaders, investors and thought leaders in 2025

LAGUNA BEACH, Calif., Oct. 22, 2024 /PRNewswire/ — Dow Jones announced today the expansion of WSJ Tech Live through a multi-year agreement that will bring the marquee event to the State of Qatar starting next year. Appearing on stage at this year’s event in Laguna Beach, Calif., Sheikh Jassim bin Mansour bin Jabor Al Thani, Director of the Government Communications Office of the State of Qatar, and Almar Latour, publisher of The Wall Street Journal and CEO of Dow Jones, jointly announced that WSJ Tech Live Qatar will debut in late 2025 and take place annually for five years.

This marks the first time WSJ’s most exclusive tech event will be held in the Middle East. The invitation-only conference will bring together an audience of over 200 C-suite executives, investors, innovative startups and influential venture capitalists from across the world. Dow Jones will continue to operate WSJ Tech Live annually in California while adding WSJ Tech Live Qatar to the calendar starting in December 2025.

Sheikh Jassim highlighted that the conference aligns with Qatar’s vision to become a global hub for advanced technology and innovation, as outlined in the Third National Development Strategy and Qatar National Vision 2030.

“Hosting WSJ Tech Live marks another significant step in the growth of Qatar’s technology ecosystem,” said Sheikh Jassim. “When the world’s top tech leaders gather in Qatar, it will create an unparalleled opportunity to benefit from their diverse expertise, insights and global networks. This will inspire local talent, attract international investment, and create avenues for strategic global partnerships that propel our development journey forward.”

“Dow Jones and The Wall Street Journal deliver reliable journalism, data, and analytics to business professionals worldwide, and to do so we must reflect the entire global business community,” said Latour. “With the MENA region’s growth and increased role in tech–especially at the intersection of AI and the energy sector–we are delighted to be partnering with Qatar.”

Currently in its 11th year, WSJ Tech Live convenes the biggest newsmakers in technology across entertainment, music, robotics and AI, science and more. This year’s marquee event is the company’s most successful Tech Live since its inception, with record-breaking sponsorship revenue. The event showcased groundbreaking insights on a wide range of topics including the global impact of generative AI, the future of brain-computer interfaces, the outlook for startup investments, fostering the next generation of technology talent and how the upcoming U.S. election could impact the tech industry.

WSJ Tech Live joins a series of global events hosted in Qatar, including the FIFA World Cup™, Web Summit Qatar, Formula 1 Qatar Grand Prix, and Doha Forum. The event also builds on Dow Jones’s existing presence in MENA, which serves as an important hub for reporting from The Wall Street Journal, and home to key sales and services functions.

About Dow Jones
Dow Jones is a global provider of news and business information, delivering content to consumers and organizations around the world across multiple formats, including print, digital, mobile and live events. Dow Jones has produced unrivaled quality content for more than 130 years and today has one of the world’s largest news-gathering operations globally. It is home to leading publications and products including the flagship Wall Street Journal, America’s largest newspaper by paid circulation; Barron’s, MarketWatch, Mansion Global, Financial News, Investor’s Business Daily, Factiva, Dow Jones Risk & Compliance, Dow Jones Newswires, OPIS and Chemical Market Analytics. Dow Jones is a division of News Corp (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV).

About the Government Communications Office of the State of Qatar
The Government Communications Office was established in 2015 to serve as the strategic communications arm of the State of Qatar. It coordinates communications activities across government and public-sector institutions, showcasing the country’s vision, initiatives and achievements in line with the Qatar National Vision 2030.

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