Fintech PR
One United Properties posts a consolidated turnover of 171 million euros and a gross profit of 69.8 million euros in H1 2023
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.
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.
Photo: https://mma.prnewswire.com/media/2196436/One_Mamaia_Nord_One_United_Properties.jpg
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Fintech PR
President Emmerson Mnangagwa met this week with Zambia’s former Vice President and Special Envoy Enoch Kavindele to discuss SADC’s candidate for the AfDB
President Mnangagwa, who is SADC Chairperson, reaffirmed his own country’s and SADC’s enthusiastic support for Zambian candidate Sam Maimbo
LUSAKA, Zambia, Dec. 20, 2024 /PRNewswire/ — Special Envoy Kavindele released the following statement following the meeting:
“I am elated to witness the growing success and momentum of Sam Maimbo’s candidacy to become the next President of the African Development Bank. I am filled with gratitude to our friends across both SADC and COMESA for their continued support and good wishes.
Sam has garnered such wide consensus due to his being uniquely qualified to deliver the transformative change and empowerment our continent needs. Sam’s 30 years in development work is defined by driving outcomes, improving processes, and investing in people. The AfDB needs a hands-on leader who is laser focused on delivering results and who is unafraid of making tough decisions in order to best serve our continent. Sam is that leader. Sam has the track record and experience to drastically enhance the pace, scale, and impact of the Bank’s work in service of the people and governments of Africa.
Our region has a proud history of supporting fellow Southern Africans. For example, we all recall Lusaka’s role in hosting the African National Congress’ headquarters during the dark days of Apartheid oppression.
It therefore gives me no pleasure to observe my South African brothers, who have themselves leant on Zambia’s steadfast friendship over many decades, fail to rally behind both SADC and COMESA’s chosen candidate for the AfDB. Africa’s urgent economic development challenges demand transformational leadership at the AfDB, it is all of our responsibility to put forward the best candidate for the job. This is not the time or place for a government to act with narrow self-interest, we all must act in the continent’s and AfDB’s best interest.
I thank Sam Maimbo for his lifelong service to our entire continent, and I am eager to witness his enormous impact as President of the AfDB.”
LONDON, Dec. 20, 2024 /PRNewswire/ — Heimdal Security shares a practical holiday cybersecurity checklist, offering expert insights to help businesses safeguard against cyber threats this festive season.
With reduced staffing, remote work setups, and a surge in online shopping creating heightened vulnerabilities, this guide offers actionable tips to enhance business security.
Going beyond basic advice, the checklist also highlights the most common holiday scams and features videos showcasing real-life examples of Christmas-themed cyber scams and effective prevention strategies.
Key Tips to Protect Businesses This Holiday Season:
- Strengthen endpoints: Ensure devices are updated with antivirus and endpoint protection software; consider Endpoint Detection and Response (EDR) and application whitelisting.
- Prepare for phishing spikes: Train staff to identify suspicious emails, enforce robust email filters, and establish protocols for reporting unusual activity.
- Secure remote access: Mandate VPN usage, monitor unusual logins, and deactivate inactive accounts temporarily.
- Segment and shield networks: Isolate sensitive areas, deploy DNS security and advanced firewalls, and maintain full visibility over network traffic.
- Apply timely patches: Regularly update all systems and test patches in a controlled environment to minimize disruptions.
- Mitigate supply chain risks: Assess vendors thoroughly and limit their access to essential systems.
- Have a response plan ready: Tailor incident protocols for the holidays, create an on-call rotation for the IT team, and enable rapid action against suspicious activity.
“ Cybercriminals thrive on holiday distractions, but with proactive measures like phishing training, secure endpoints, and network segmentation, businesses can stay ahead of potential threats,” said Alex Panait, System Administrator at Heimdal Security.
Common Holiday Scams That Businesses Should Watch For:
Cybercriminals often tailor their tactics to exploit the festive season. The most common scams include:
- Spear phishing: Emails disguised as holiday bonuses or event invitations that steal credentials or spread malware.
- Malicious holiday E-Cards: Festive greetings that contain links deploying ransomware or spyware.
- Fake E-Commerce sites: Fraudulent websites offering discounts to steal payment information.
- Insider threats: Distracted or disgruntled employees mishandling or exploiting sensitive data.
- Corporate travel scams: Fake booking platforms targeting business travelers.
- Business email compromise (BEC): Fraudulent requests for urgent wire transfers during year-end financial rushes.
For more, read the full article here or watch the video on YouTube to see how these threats unfold and learn actionable prevention strategies.
About Heimdal:
Established in Copenhagen in 2014, Heimdal® empowers CISOs, security teams, and IT administrators to improve their security operations, reduce alert fatigue, and implement proactive measures through a unified command and control platform.
Heimdal’s award-winning cybersecurity solutions span the entire IT estate, addressing challenges from endpoint to network levels, including vulnerability management, privileged access, Zero Trust implementation, and ransomware prevention.
For further press information:
Madalina Popovici
Media Relations Manager
[email protected]
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Fintech PR
According to Tickmill survey, 3 in 10 Britons in economic difficulty: Purchasing power down 41% since 2004
The people who have the most problems are women (30%) and are between 35 and 49 years old (39%)
ROME, Dec. 20, 2024 /PRNewswire/ — The purchasing power in the UK has dropped by 41% over the last 20 years. Today, £100,000 left in a bank account since 2004 without being invested would now be worth £59,021.
This figure is one of the findings from a study conducted by Tickmill, an international online trading broker that compared the economic situation in the UK and the European Union through the infographic “Purchasing Power and Cost of Living: UK vs EU”.
The analysis reveals a slight decline of 0.4% in the UK’s purchasing power, which currently stands at £41,573. In contrast, the European Union has seen a modest rise of 0.1%, reaching £40,874.
Why is purchasing power declining in the UK? One key factor is the cost of living. If the UK were still part of the European Union, it would rank as the fifth most expensive country, behind Ireland, Luxembourg, Denmark, and the Netherlands.
Unsurprisingly, 3 in 10 Britons are struggling with the cost of living. Women (3 in 10, compared to 25% of men), those aged between 35 and 49 (4 in 10), households earning less than £15,000 (6 in 10), and single parents (1 in 2) are among the most affected groups.
Among UK nations, Northern Ireland is the hardest hit, with 34% of its population facing financial difficulties, followed by Wales (31%), England (28%), and Scotland (22%). In England, the North East has the highest percentage of people struggling, with 4 in 10 residents affected. Even in London, the high costs impact 1 in 4 adults.
In response to these challenges, Britons are making significant adjustments:
- 53% have cut back or delayed spending on smaller items like eating out, entertainment, subscriptions, clothing, toys, books, etc.;
- 52% have reduced household energy consumption;
- 48% have decreased their grocery spending;
- 41% have scaled back or postponed major expenditures, such as holidays, cars, and weddings;
- 26% are working longer hours, taking on overtime, or pursuing additional jobs to earn extra income.
The British also made changes on the financial side. One in four adults has been forced to dip into their savings or investments to cover daily expenses. Moreover, 44% have stopped saving or investing entirely or have reduced their savings and investments—a 4% increase compared to 2023.
The lack of investment is another critical factor contributing to the decline in purchasing power. It is estimated that 13 million UK residents hold £430 billion in cash deposits but do not invest. The reasons? Seventy-four percent say they cannot compare investment products effectively, and 43% are afraid of losing their money.
A lack of knowledge and fear are preventing many savers from taking advantage of an important opportunity: preserving or increasing their purchasing power in the long term.
Photo: https://mma.prnewswire.com/media/2586123/Tickmill.jpg
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