Trade Estates has announced its results for the first half of the year. Total revenue was €20.2 million against €11.8 million (an increase of 71.0%) compared to the first half of 2023.
According to the respective statement, rental income amounted to 17.8 million euros against 10.8 million euros (increased by 65.0%) compared to the 1st Half of 2023.
Adjusted EBITDA was EUR 14.1 million compared to EUR 8.7 million (up 62.6%) compared to the first half of 2023.
Net profit, excluding fair value revaluation gains on investment properties, amounted to EUR 6.9 million, compared to EUR 4.4 million (up 56.8%) compared to the first half of 2023.
Operating Resources amounted to 7.3 million euros, compared to 4.5 million euros (an increase of 60.1%) compared to the 1st Half of 2023.
Total Assets 557.2 million euros on 30.06.2024, compared to 543.8 million euros (an increase of 2.5%) compared to 31 December 2023.
The Gross Asset Value of the Company’s properties on 30.06.2024 amounted to 499 million euros, compared to 484 million euros on 31 December 2023 (an increase of 3.1%). The internal book value (Net Asset Value) as of June 30, 2024 amounted to Euros 303.6 million (Euros 2.52 per share) against Euros 298.4 million (Euros 2.48 per share), recording an increase of 1.8% compared to December 31, 2023. On June 14, 2024, the Ordinary General Meeting of the Company’s shareholders decided to distribute a dividend of Euros 0.08 per share, i.e. a total amount of Euros 9.6 million, offering a net dividend yield of 4.9% based on the closing price of the share on June 26, 2024, the date of payment to its beneficiaries.
At a positive pace, store traffic and turnover
Store traffic and turnover in Trade Estates shopping parks continued at a positive pace in H1 2024. The significant increase in rental revenues from third-party tenants and the widening of the spread of revenues from non-IKEA brands from 51% on 30.06.2023 to 68% on 30.06.2024 confirms the success of the rental risk management strategy.
The agreement for Trade Estates to establish the Inter IKEA International Distribution Centre in Aspropyrgos has been concluded, while preliminary works on the property where the Inter IKEA international logistics centre will be built are proceeding at a rapid pace and are progressing in accordance with the project schedule.
Furthermore, with regard to the investment in the construction of a new logistics center in Elefsina which will be leased to the company KOTSOVOLOS, planning and construction permits are being completed.
Finally, during the 1st Semester of 2024, the merger processes of the subsidiaries “RENTIS INVESTIS AKINITON ANONYMOS ETEIREIA” and “BERSENCO SA” began, which are expected to be completed during the year.