Saturday, June 3, 2023

Colonial Real Estate repeats quarterly results by earning 28 crores

Colonial Group achieved a net result of 28 million euros in the first quarter of the year, which means a figure comparable to the same period last year, With a 3% increase in rents signed in office contracts compared to the data for the end of 2022. In particular, Socimi, listed on the Ibex 35, formalized 25 office rental contracts in the first three months of 2023 with a total space of 45,860 sq m. , a total of two fewer contracts and about 5,000 square meters less rent than a year ago.

As the company told the National Securities and Markets Commission (CNMV) on Monday, Recurring net result increased to EUR 38 million, up 5% 14% higher than the first quarter of 2022 and excluding the impact of asset divestment.

This increase in recurring income is in line with the increase in rental income from Colonial Group’s property portfolio. “Colonial Group’s business has performed outstandingly with a strong rate of hiring, maintaining full occupancy levels,” he underlined. for his part, The company improved its revenue by 11% year-on-year, up to 90 million euros, By markets, the biggest increase was in Paris (17%), followed by Madrid (8%). In contrast, billings declined by 10% in Barcelona.

Whereas, Net expense income (Ebitda income) increased by 12%, reaching EUR 77 million, In turn, due to the disinvestment program carried out during the first quarter of 2023, Colonial Group’s debt profile has improved significantly compared to the end of December 2022, with a reduction of EUR 336 million. The current high level of liquidity, between cash and credit lines, makes it possible to cover all Colonial Group debt maturities by the year 2026.

Colonial’s president Juan Jose Brugera indicated the company is closing an “excellent” first quarter.Stands above average for companies in this sector, with double-digit growth in revenue and continued improvement in profitability.

“very strong” results

In a press conference this Monday, Brugera and General Operating Director, Carmina Ganyate, CEO of the company, Pere Vinolas, defined the results as “very solid”, as according to them all metrics increased significantly. With regard to the disinvestment plan undertaken by the company, Viñolas has clarified that it is “very advanced”, although it could become operational in the coming weeks if there is a market opportunity.

The CEO has maintained that the main trend in the market is polarization between those who are interested in having a quality office and those who are not. “In the business world, there were people who cared a little about the office and care less about it now, and people who cared a little more now because they found it kept talent It becomes easier to keep,” he said. it is explained The duration of the contracts is being maintained and the companies are interested in putting them in the “best locations” in the city.

World Nation News Desk
World Nation News Desk
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