During the first half of 2023, Develia Group recorded sales revenues of PLN 419.2 million, a stark increase of 250% compared to PLN 119.8 million during the same period last year.
The net profit of the group came in at PLN 79.5 million, a whopping 426% increase compared to the PLN 15.1 million net profit in the first half of 2022.
In the first six months of 2023, the developer sold 1184 apartments compared to 964 during the same period in 2022 (a 23% increase), and transferred 666 apartments compared to 206 a year earlier, representing an impressive increase of 223%.
As of the end of June this year, Develia had PLN 747.4 million in cash and short-term financial assets compared to PLN 481.6 million at the end of 2022.
Develia’s CEO, Andrzej Oślizło, said that they had achieved very good results in the first half, recording significant growth compared to the previous year. He mentioned that, like in 2022, they are planning to accumulate transfers for the end of the year, which, given the implementation schedule of the ongoing investments, will have a positive impact on the Q4 results.
Develia sold 1184 apartments in the first six months of 2023 through development and preliminary agreements compared to 964 in the corresponding period last year, representing a 23% increase. The group handed over 666 apartments, a 223% jump compared to the 206 apartments a year ago.
In addition, the company continued to successfully implement its commercial property divestment strategy in the first half of 2023. In April of this year, the company finalised the sale of the Wola Retro office building in Warsaw to WR Office, a company owned by the investment fund managed by Adventum Group, for a sale price of EUR 69.3 million.
The group’s revenues for the first half of 2023 amounted to PLN 419.2 million compared to PLN 119.8 million the previous year. The group’s net profit was PLN 79.5 million compared to PLN 15.1 million in the same period the previous year.
