A significant increase in profits was recorded by Dimand Group in the first half of 2024, according to the financial results released today by the company.
Profit before taxes amounted to 15.9 million euros in the first half of the year, compared to 10.2 million in the same period last year. Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to 17.3 million, compared to 11.1 in the first half of 2023, while net profit for the period increased to 13.8 million euros, compared to 8 .1 million from the same period of the previous year.
The portfolio
As of 30.06.2024, the total portfolio developed and managed by the Group (through the company, subsidiaries and joint ventures – AuM) includes 16 investment projects at various stages of completion, in urban areas throughout Greece, with office uses, residential , logistics facilities, residential and hotel complexes, as well as mixed uses. As of 30.06.2024, the total estimated gross development value (GDV) after completion amounts to approximately 1.157 billion (31.12.2023: 20 investment projects with a GDV of 1.195 billion). The fair value of the Group’s real estate investments (including stocks) amounted to 188.9 million euros on 30.06.2024, compared to 167.5 million on 31.12.2023 and the fair value of investments in joint ventures amounted to 30.06.2024 to 57.3 million against 53.2 million on 12/31/20231. Cash and cash equivalents on 30.06.2024 amounted to 12.5 million compared to 12.4 million euros on 31.12.2023. The group’s net financing need amounted to 75.2 million euros on 30.06.2024 compared to 67.0 million euros on 31.12.2023.
Group operational performance
During the first half of 2024, the group and the company continued with the implementation of its investment program, with the addition and sale of properties and the implementation of new service projects. As an indication, in the first half of 2024, the Piraeus Tower, the country’s first “green” skyscraper, came into operation, a turnkey property transfer contract was signed on October 26th Street in Thessaloniki by Citrus MAE (100% subsidiary) to the Black Sea Bank of Commerce and Development (Banco Parexinia), which will house the bank’s new offices and the transfer to Piraeus Bank of the shares in Iovis AE (100% subsidiary), which owns properties on the streets Stadi and Korai in Athens, in which (property) will house the bank’s services after its reconstruction by the Company. As a result, the group recorded a strong operational performance in the first half of 2024, with an increase in EBITDA of approximately 56%, rising from 11.1 million euros in the first half of 2023 to 17.3 million euros in the first half of 2024. 2024.