During the first three quarters of 2024, Develia Group sales increased by 32%, totalling 1037.6 million PLN compared to 786.2 million PLN for the same period in the previous year. The company’s net profit reached 215.6 million PLN, a stark contrast to 124.7 million PLN net profit registered in the first nine months of 2023, a 72.8% increase.
Between January to September 2024, Develia sold 2700 properties, a 31% increase compared to 2059 properties sold during the same period last year. The developer also handed over 1797 properties compared to 1298 the previous year, a 38% increase. Furthermore, from the start of the year to the end of October, the developer had sold 2933 apartments, successfully achieving their sales target for the year.
At the end of September, Develia held 586.4 million PLN in cash and short-term financial assets, compared to 703.4 million PLN at the end of 2023.
In the words of Develia’s CEO, Andrzej Oślizło, “Two months before the end of the year, we have already reached the lower threshold of the sales target, which we set in January at 2900-3100 apartments. The sales performance and expected results in 2024 will contribute to further market share growth and strengthen our position in the market”. He added, “In the last weeks of this year, according to the project schedule, we will focus on handing over the apartments. We are also working intensively on new investments and further stages of ongoing projects for next year.”
Developer activities of Develia hit a new height with 2700 properties sold in the first nine months of 2024 based on contracts and preliminary contracts, compared to 2059 in the same period last year. As mentioned earlier, this is a 31% increase. From the start of the year until the end of October, the developer has sold 2933 apartments, achieving this year’s sales target. In the first three quarters, a total of 1797 units were handed over, which is 38% more than the 1298 units in the preceding year. Develia is also working on 3482 new properties.
Develia continues its commercial property disinvestment strategy, focusing on the housing segment. The third quarter saw the official end of Arkady Wrocławskie’s operations. The demolition of the building will begin upon receipt of the final permit with a planned completion of the Arkady Wrocławskie sales transaction by the end of August 2025.
Develia signed a preliminary sales agreement in August 2024 for real estate at Kolejowa Street in Wrocław with an entity dependent on AFI Europe, set at 50.5 million PLN net.
Moving to financial results, the company’s revenue for the first to third quarter of 2024 was 1037.6 million PLN compared to 786.2 million PLN the previous year. The group’s net profit was 215.6 million PLN compared to 124.7 million PLN for the same period the previous year.
Paweł Ruszczak, Vice President of Develia, said, “After three-quarters of 2024, compared to the same period last year, which was a record for Develia, we are seeing a further improvement in financial results. Our financial position and available financing allow us to increase our scale of operations and market share while simultaneously sharing profits with shareholders. The cumulative number of apartment handovers to customers will occur in the fourth quarter, which will translate into results for the whole of 2024.”
Ending September 2024, Develia had a total of 586.4 million PLN in cash and short-term financial assets compared to 703.4 million PLN on 31 December 2023. At the end of the third quarter of 2024, financial liabilities amounted to 950.3 million PLN compared to 883.9 million PLN at the end of 2023.
Source: https://managerplus.pl/develia-zwieksza-przychody-o-32-i-zyski-o-728-w-pierwszych-trzech-kwartalach-2024-r-68981
