Real estate development company Dimand announced a pre-tax profit of €17.0 million for the 2023 financial year compared to a loss of €5.1 million in the 2022 financial year. In detail, the listed company announced today that the Group recorded a strong operating performance in FY 2023, with EBITDA increasing by 170% from €7.1 million in FY 2022 to €19.2 million in FY 2023.

As of December 31, 2023, the total portfolio developed and managed by the Group (Assets under Management - AuM), through the Company, subsidiaries, and joint ventures, consisted of 20 projects in various stages of completion, in urban areas throughout Greece, with uses of offices, logistics, residential and hotel complexes, luxury homes as well as and mixed uses. As of December 31, 2023, the total estimated gross development value (GDV) upon completion amounted to c. €1,194.9mn (31.12.2022: 19 investment projects with a GDV €915.2 mn).

The fair value of the Group’s investment properties (incl. inventories) amounted on December 31, 2023, to €167.5mn vs €97.0mn as of December 31, 2022, and the fair value of the investments in joint ventures1 amounted on December 31, 2023, to €53.2mn vs €37.3mn as of December 31, 2022.

Cash and cash equivalents, as of December 31, 2023, amounted to €12.4mn vs €10.0mn as of December 31, 2022. As of December 31, 2023, net borrowings of the Group amounted to €67.0mn (31.12.2022: €35.8mn).