Record results for Marvipol. Warehouses with a lower result

The warehouse segment of the Marvipol group ended the first half of this year with PLN 15.9 million in net profit, compared to PLN 23.9 million in the first half of 2021. The lower result is related to a change in the mix of warehouse investments – most of the projects in which the group is currently involved are at an early stage of development.

The Group's operating profit increased year-on-year by 94 percent, to PLN 67.3 million, which was determined by higher results in the development segment and a positive result in the other real estate segment, offsetting the lower profits of the warehouse segment.

Strong financial, business and organizational foundations of the group allow us to flexibly navigate the currently particularly demanding market, adjust our residential offer and warehouse investment portfolio to market conditions and customer needs - comments Mariusz Książek, president of Marvipol Development.

The group's development segment, thanks to the handover of 373 residential and service premises to buyers, recognized PLN 241.2 million in revenue in the first half of this year (PLN 75.3 million a year earlier), percent profitability). The operating result increased year-on-year by 537 percent, to PLN 44.9 million. 

Warehouses with a lower result 
The group's warehouse segment ended the first half of this year with PLN 15.9 million in net profit, compared to PLN 23.9 million in the first half of 2021. The lower result is related to a change in the mix of warehouse investments – most of the projects in which the group is currently involved are at an early stage of development.

The segment of other real estate assets, to which, among others, part of the Unique Tower project is assigned, recognized, thanks to the commissioning of the aforementioned investment, PLN 85.5 million in revenue, PLN 9 million in EBIT and PLN 6.3 million in net profit.

The group ended the first half of the year with PLN 191.2 million in cash in its accounts. The increase in net debt to PLN 281 million, compared to PLN 128.7 million at the end of 2021, is a consequence of the payment of a record PLN 47.5 million dividend and the inclusion in the balance sheet (including financial liabilities) of assets and liabilities related to the lease of premises in Unique Tower, used since May of this year for their further rental under the Royal Tulip Warsaw Apartments brand.

– The group's strong financial, business and organizational foundations allow us to flexibly navigate the currently particularly demanding market, adjust our residential offer and warehouse investment portfolio to market conditions and customer needs. We remain convinced that Marvipol, being one of the most experienced entities in the Polish real estate industry, will confirm its operational efficiency in 2022, recognizing a financial result for the entire year that is satisfactory to shareholders – comments Mariusz Książek, president of Marvipol Development S.A.