In the first half of 2024, ROBYG from the TAG Immobilien Group recorded sales revenue of PLN 705 million, while the gross margin from sales exceeded PLN 158 million. EBIT was about PLN 114 million, and the net result attributable to the shareholders of the parent company amounted to PLN 107 million. In 2024, the TAG Group plans to sell around 2,700 apartments and expand its rental property portfolio by 1,000 new apartments. Additionally, the group is expanding its land bank, which includes the potential to build approximately 25,000 units throughout Poland and is looking for investment opportunities in new land.
In H1 2024, ROBYG signed 1,249 preliminary and development contracts and an additional 409 reservation contracts, which will soon be finalized as development contracts. The TAG Group concluded a total of 1,497 preliminary and development contracts and 409 reservation contracts. ROBYG recognized and recorded in revenue 1,100 units, and the TAG Group implemented and delivered 1,540 units, of which 1,330 units were handed over to customers and 212 units were introduced for rent. Altogether, in H1 2024, the TAG Group in Poland was constructing around 4,100 apartments and commercial spaces. The group’s rental apartment portfolio stood at around 2,600 units at the end of H1 2024.
“The first half-year results confirm that our goals set for all of 2024 are easily achievable. Regardless of government programs, the demand for apartments in Poland will continue for the next few years. We are building around 3,900 apartments, and we also plan new projects and stages for approximately 5,000 apartments. We constantly expand our land bank – in June, we invested in large land in Warsaw and Gdansk, currently, our land bank is one of the largest among developers operating in Poland and includes the potential to build over 25,000 units. We continue to introduce new investments for sale and we want to increase market shares – strengthening our position as one of the leaders among housing developers in Poland. On the market, we see positive trends – lower inflation, funds flowing from the EU, and a stable economy suggest that the demand for apartments will increase. Unfortunately, supply is still low – there is a shortage of apartments, especially in Warsaw where interest in purchasing is the highest. This is the result of too slow administrative procedures – that need to be significantly accelerated” – indicated Oscar Kazanelson, Chairman of the Supervisory Board of ROBYG and Vantage.
In June 2024, the TAG Immobilien Group – which includes ROBYG and Vantage – invested PLN 390 million in the land bank throughout Poland. In the first half of 2024, the TAG Group in Poland was constructing approximately 3,900 apartments and commercial spaces.
“We have a strong, stable position in Poland – we are one of the most recognized and reliable investors. We constantly expand our area of operation and look for more land in the agglomerations where we operate: Warsaw, Wroclaw, Poznan, Lodz, and Tricity. This year, we invested over PLN 400 million in the land bank expanding our building potential to over 25,000 apartments and we plan further land purchases. We want to intensively develop our activity in Lodz – where we see a huge potential of the residential real estate market, in addition, we are analysing possibilities in every major city in Poland. Our goal is to build a strong, extensive portfolio of land – today we already have one of the largest land banks among developers in Poland, with excellent locations. In many cities, we see a huge potential for developing urban spaces and providing interesting housing offers by developers” – said Eyal Keltsh, CEO of ROBYG and Vantage.
In 2023, the ROBYG Group recorded sales revenues of PLN 1.8 billion, while the gross margin from sales exceeded PLN 460 million. EBIT was around PLN 460 million, and the net result attributable to the parent company’s shareholders amounted to PLN 370 million. In 2023, the ROBYG Group signed 2,800 preliminary and development contracts and an additional 680 reservation contracts, as well as delivered around 3,360 units. Altogether, the TAG Group in Poland sold 3,600 residential and commercial units, implemented and delivered 4,300 units, of which 3,800 units were handed over to customers, and 500 were introduced for rent.
Source: https://ceo.com.pl/grupa-robyg-solidne-wyniki-finansowe-w-h1-2024
