Grupo Insur reports that it has closed the first nine months of 2024 with a ebitda of 23.3 million euros, 20.3% higher compared to the same period in 2023. “These results are supported by the good performance of all business lines and the asset rotation carried out in the period that is framed within one of the Group’s strategic objectives,” assured the Andalusian real estate company in a statement. The Consolidated turnover rises to 101.4 million euros, 46.4% higher than in 2023, driven by the good performance of all business lines and in particular by promotion and construction activities.
Grupo Insur is a comprehensive real estate management company with more than 75 years of experience in the sector that has been listed on the Stock Exchange since 1984. In its promotion activity, it has a portfolio of 3,836 homes in the prime areas of Andalusia and Madrid and close to 129,000 square meters of promotion projects tertiary, of which 104,565 square meters are under development and three of them, the Ágora and Noa offices in Málaga, and Élever in Madrid (Las Tablas) They are under construction. Grupo Insur is the Andalusian leader in property management with a total asset portfolio of 118,000 square meters including offices, hotels, commercial premises and 3,000 parking spaces. The majority of its heritage properties have or are in the process of obtaining Breeam certification.
At the end of September, the turnover of the activity of promotion reached 63.5 million of euros, with an increase of 64.5% compared to the first nine months of 2023, after delivering 189 homes with an average sales price (PMV) of 416,000 euros. Construction activity stood at 21 million euros, with an increase of 136.2%.
For its part, the turnover of the property activity recorded a growth of 4.0% year-on-year to 13.6 million euros, while the turnover of the management activity stood at 3.3 million euros, with an increase of 19.2% compared to 2023.
Good sales
Insur highlights its “extraordinary commercial performance” during the first nine months of the year. The pre-sales stand out, which have once again set a new record reaching 202 homes sold in one quarter, 137.6% higher than the same period of the previous year.
In detail, pre-sales formalized as of September 30 amount to 470 homes for an amount of 159.1 million euros; 106.6 million euros adjusted by the Group’s percentage of participation in the joint ventures. These figures allow us to record accumulated pre-sales at the end of September 2024 of 1,002 units for an amount of 316.2 million euros, 27% more than at the end of 2023 (+13.1% adjusted for the Group’s percentage of participation ).
Thanks to these results, the Pre-sales coverage in 2024 and 2025 stands at 93.2% and 74.5%respectively.
Likewise, the significant volume of deliveries scheduled for the fourth quarter (83.6 million euros overall -68.5 million euros adjusted by the Group’s percentage of participation in the joint ventures) allows us to estimate a significant increase in Ebitda and net profit in the last quarter of the year.
The Group currently has a residential land bank of 3,836 homes. Thus, 2,114 homes correspond to active developments, of which 1,193 homes are under construction, 532 homes pending construction, 326 in the design phase and 63 completed. It also has a land portfolio for the development of 1,722 more homes.
Offices
Fulfilling the objectives of the Strategic Plan to grow in tertiary promotion-offices and other uses, in Madrid and Malaga, the Group has five projects in development with a total buildable area of 104,565 square meters above ground and three of them, the Ágora and Noa office projects in Málaga, and Élever in Madrid (Las Tablas) are under construction.
In relation to property activity, the occupancy rate closed at 92% as of September 30, 0.8 percentage points higher than the close of the second quarter of 2024.
Within the framework of the Strategic Asset Rotation Plan to grow in Madrid and Malaga, between January and September, Grupo Insur has rotated assets amounting to 11.1 million of euros. In this regard, notable in the second quarter was the sale of Sweden building, in Sevillefor 10 million euros, which reported a gross profit of 6 million euros and three premises, two parking spaces and an office in Seville and Malaga for 1.1 million euros, 20.4% higher than the valuation of CBRE.
Magnitudes
He ebitda adjusted – which does not take into account the result from the disposal of real estate investments – has reached 17 million euros, 63.1% higher than the same period of the previous year.
The result of exploitation and profit net have stood at 20.1 million euros and 10.5 million euros, with growth of 41% and 76.3%, respectively in relation to the same period in 2023.
The annualized contract income in force on September 30 has increased slightly compared to the previous quarter to reach 18.6 million euros.
The net financial debt It was reduced by 4.8% compared to the end of 2023, reaching 229 million euros, and according to the company it will present a notable reduction at the end of the year as a result of the significant volume of deliveries scheduled for the fourth quarter.
The vgross asset value or GAV It stood at 600.9 million euros, with an increase of 1.6% compared to the first half of 2024. Of the GAV, 52% corresponds to property activity and 48% to promotion activity.
For his part, the gross asset value net of debt or NAV It stood at 371.9 million euros, with an increase of 19.4 million euros compared to the same period of the previous year, which represents an increase of 5.5%. The relationship between financial debt and GAV (LTV) stood at 38.1%, 2.5 percentage points lower than at the end of 2023.
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