98% increase in net profit and 67% increase in revenues for the 9 months

98% increase in net profit and 67% increase in revenues for the 9 months | TheGreekDeal.com

BriQ Properties

BriQ Properties recorded a 98% increase in net profit for the 9 months, while revenues increased by 67%, reaching €11.2 million compared to €6.7 million in the same period last year.

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31/10/24 • 18:21

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Anna Apostolidou, CEO Briq Properties

BriQ Properties recorded a 98% increase in net profit for the 9 months, while revenues increased by 67%, reaching €11.2 million compared to €6.7 million in the same period last year.

In a related announcement, it is noted that during the period from 1 January 2024 to 30 September 2024, the company made total investments of €69 million, including the completion of the first stage of the merger by absorption of Intercontinental International SA ("ICI"). Specifically, on 31.01.2024, the transfer of 16 ICI properties was completed for a total consideration of € 56.6 million, while on 14.06.2024, the acquisition of the 17th ICI property was completed for a total consideration of € 4.0 million

KEY FIGURES

The total value of the property portfolio increased by 51% to € 225 million compared to € 149 million as of 31.12.2023.
Rental income increased by 67% to € 11.2 million compared to € 6.7 million in the same period last year. The occupancy ratio of the investment properties currently stands at 99.4%.
Earnings before interest, taxes, depreciation and amortisation (EBITDA), excluding gains on revaluation of properties, increased by 90% to €9.5 million compared to €5.0 million in the same period last year.
Net profit increased by 98% to € 11.7 million compared to € 5.9 million in the same period last year.
Net profit excluding gains from the revaluation of properties increased by 31% to €4.6 million compared to €3.5 million in the same period last year.
The NAV/share value attributable to the company's shareholders amounted to €3.28 on 30 September 2024 compared to €3.07 on 31 December 2023 (+6.7%).
Since ICI used borrowings to fully finance the purchase of the 17 properties, the company's borrowings increased to €106 million from €37 million, or an LTV of 47.5%.
Also on June 18, 2024, a dividend distribution of a net amount of €0.1045 per share from the profit for the financial year 2023 was made for a total amount of €3.7 million, offering a net dividend yield of 5.3% based on the closing share price ("BPI") on May 20, 2024.