- In the first half of 2024, Develia Group’s sales revenues reached PLN 648.7 million, compared to PLN 419.2 million in the same period last year, a 55% increase.
- The Group’s net profit amounted to PLN 148.7 million, up from PLN 79.5 million in the first half of 2023, representing an 87% increase.
- During the first six months of 2024, the developer sold 1,949 units compared to 1,184 in the same period in 2023, an increase of 65%, and delivered 1,057 units compared to 666 a year earlier, marking a 59% growth.
- At the end of June 2024, Develia held PLN 819.6 million in cash and short-term financial assets, compared to PLN 703.4 million at the end of 2023.
– The first half of 2024 saw very strong residential sales. Despite a market slowdown, we are on track to meet our sales target of 2,900-3,100 units for 2024 – said Andrzej Oślizło, CEO of Develia. – We believe in the long-term growth of the housing market, which is why we are investing in land acquisitions. In the first half of 2024, we expanded our land bank by 3,200 units for over PLN 300 million. This was made possible by our strong financial performance – added Andrzej Oślizło.
Development Activities
In the first half of 2024, Develia sold 1,949 units, compared to 1,184 in the same period last year, marking a 65% increase. The company delivered 1,057 units, a 59% rise from the 666 units delivered a year earlier.
In the second quarter of 2024, the company sold 911 units, compared to 651 in the same period last year, representing a 40% increase. The highest number of units sold were in projects such as Bemosphere in Warsaw, Przemyska Vita in Gdańsk, and Ceglana Park in Katowice. Between April and June 2024, Develia delivered 459 units, mainly in the following developments: Cynamonowa Vita in Wrocław, Lizbońska and Bemosphere in Warsaw, and Grzegórzecka in Krakow.
In the first half of 2024, Develia launched over 2,850 units with construction underway. Simultaneously, the developer expanded its land bank by completing the acquisition of five plots in Warsaw, the Tri-City, and Wrocław, enabling the construction of over 3,200 units.
Commercial Activities
Following the signing of a preliminary sales agreement for Arkady Wrocławskie at the end of 2023, the Group began the process of closing the shopping center in 2024. The transaction is expected to be finalized by the end of August 2025.
In August 2024, Develia signed a preliminary agreement with a subsidiary of AFI Europe for the sale of property on Kolejowa Street in Wrocław. The sale price was set at PLN 50.5 million, with the transaction expected to close by the end of 2024.
Financial Results
| Financial Data (thousands PLN) | 1H2024 | 1H2023 | Change |
| Revenue | 648 718 | 419 197 | 54.75% |
| Gross Profit from Sales | 236 835 | 150 851 | 57.00% |
| Gross Profit from Development Segment | 235 956 | 140 397 | 68.06% |
| Gross Profit from Commercial Segment | -3 001 | 9 343 | – |
| EBITDA | 180 026 | 84 623 | 112.74% |
| EBITDA without Property Revaluation | 148 678 | 107 039 | 38.90 % |
| Net Profit | 148 701 | 79 526 | 86.98% |
| Adjusted Net Profit* | 122 360 | 95 007 | 28.79 % |
| ROE | 10.1% | 6.0% | 4.1 pp |
(*) – Adjusted net profit is calculated using the formula: adjusted net profit = net profit – profit/(loss) from investment properties – financial income/expenses from valuation of financial obligations in EUR – deferred tax created from adjusted items.
The Group’s revenue for the first half of 2024 amounted to PLN 648.7 million, compared to PLN 419.2 million a year earlier. The Group’s net profit was PLN 148.7 million, up from PLN 79.5 million in the same period last year.
Gross profit from development activities for the first six months of 2024 was PLN 236.0 million, with revenues of PLN 642.4 million. The gross loss from rental services was PLN 3 million, with revenues of PLN 2.5 million.
In May 2024, Develia’s shareholders decided that the company would pay a dividend for 2023 amounting to PLN 226.1 million, or PLN 0.5 per share. The first tranche of the dividend was paid on July 5 (PLN 113.1 million), with the second tranche paid on September 6 (PLN 113.1 million).
– Strong financial results and a stable liquidity position give us the confidence to execute our strategy of scaling up our operations and expanding our presence in the housing market. At the same time, we are able to share a portion of our profits with shareholders. This year, we have already distributed PLN 226.1 million to them, or PLN 0.5 per share – said Paweł Ruszczak, Vice President of Develia.
At the end of June 2024, Develia held PLN 819.6 million in cash and short-term financial assets, compared to PLN 703.4 million as of December 31, 2023. At the end of the first half of 2024, financial liabilities stood at PLN 951.9 million, compared to PLN 883.8 million at the end of 2023.
