Dimand Group recorded a significant increase in profits in the first half of 2024, according to the financial results announced today by the company.

Pre-tax profit for the first half of the year amounted to € 15.9 million, compared to €10.2 million in the same period last year. Earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted to €17.3 million, compared to €11.1 million in the first half of 2023, while net profit for the period increased to €13.8 million, up from €8.1 million in the same period last year.

PORTFOLIO

As of 30 June 2024, the total portfolio developed and managed by the Group (through the Company, subsidiaries and joint ventures - AuM) includes 16 investment projects in various stages of completion, in urban areas throughout Greece, with office, residential, logistics, residential, hotel and mixed-use uses. As of 30.06.2024, the total estimated Gross Development Value (GDV) at completion amounted to approximately EUR 1,157 billion (31.12.2023: 20 investment projects with GDV of EUR 1,195 billion). The fair value of the Group's investment properties (incl. inventories) amounted to EUR 188.9 million as at 30.06.2024, compared to EUR 167.5 million as at 31.12.2023, and the fair value of investments in joint ventures amounted to EUR 1.5 million as at 30.12.2023. 06.06.2024 amounted to EUR 57.3 million compared to EUR 53.2 million at 31.12.20231. Cash and cash equivalents at 30.06.2024 amounted to EUR 12.5 million compared to EUR 12.4 million at 31.12.2023. The Group's net borrowings amounted to EUR 75.2 million at 30.06.2024, compared to EUR 67.0 million at 31.12.2023.

OPERATING PERFOMANCE

In the first half of 2024, the group and the company proceeded with the implementation of their investment program, with the addition and sale of properties and the undertaking of new service projects. Indicatively, during the first half of 2024, the operation of the Piraeus Tower, the first "green" skyscraper in the country, commenced, a contract was signed for the transfer of a turnkey property on 26th October Street in Thessaloniki by Citrus M.A.E. (100% subsidiary) to the Black Sea Trade and Development Bank (Black Sea Bank), which will house the new offices of the Bank, and the transfer to Piraeus Bank of the shares of Iovis S.A. (100% subsidiary), which owns a property on Stadiou and Korai streets in Athens, which will house the Bank's services after its reconstruction by the Company. As a result, the Group recorded a strong operating performance in H1 2024, with EBITDA increasing by approximately 56% from EUR 11.1 million in H1 2023 to EUR 17.3 million in H1 2024.