Noval Property announced that it continues to record strong operating results, with rental income up approximately 15% in the first half of 2024 to €15.9 million, compared to €13.8 million in the first half of 2023.

According to the announcement, the results are a result of the continued active management of existing properties, contracts with new tenants, and rent adjustments with existing tenants, as well as significant footfall and increased tenant turnover in its shopping centres.

Earnings before interest, taxes, depreciation, amortization, and fair value adjustments (adjusted EBITDA) for the period to 30 June 2024 amounted to €9.4 million, compared to €7.5 million in the corresponding period of 2023.

Net profit for the period ended 30 June 2024 amounted to €21.9 million, compared to €23.2 million for the period ended 30 June 2023. Net income includes total gains from revaluation of investment properties at fair value, as well as the share of gains from investments in joint ventures, totalling €16.2 million in the first half of 2024, compared to €20.2 million in the corresponding period of 2023.

Cash and cash equivalents as of 30 June 2024 amounted to €95.9 million, compared with €74.6 million as of 31 December 2023.

The internal book value at 30 June 2024 was €494 million, compared to €427 million at 31 December 2023, representing an increase of €67 million (16%) following the increase in the company's share capital through a public offering for the company's listing on the Athens Stock Exchange completed in June 2024.

CEO STATEMENT

Noval Property's CEO, Panagiotis Kapetanakos, said: "During the first half of 2024, we successfully completed our key corporate priority with the listing of Noval Property on the Athens Exchange. The listing on the Athens Stock Exchange through a share capital increase led the company to raise significant capital to implement its investment strategy, with an emphasis on further strengthening its portfolio with modern, high-quality, and environmentally sustainable properties.

The significant growth in rental income, adjusted pre-tax earnings, portfolio value, and internal book value of the company in the first half of 2024 confirms our ability to execute our investment program and actively manage our property portfolio for the benefit of our stakeholders.

Among other things, during the first half of 2024, the new logistics center in Mandra was delivered for use to the tenant; the company leased approximately 30% of the residential use of the mixed-use property at 40-42 Ardittou Street in Athens, where reconstruction work is underway; and The Grid S.A., Noval Property, and Brook Lane Capital signed a lease agreement with EY Greece for the office space of two of the four buildings of The Grid complex in Maroussi.