Grupa Kapitałowa IMMOBILE publishes results for three quarters of 2019 - News - Grupa Kapitałowa Immobile S.A.

Grupa Kapitałowa IMMOBILE publishes results for three quarters of 2019
Data publikacji: 02.12.2019

Grupa Kapitałowa IMMOBILE, listed on the WSE since 2007, published its financial results for three quarters of this year. The Group's consolidated revenues in this period amounted to PLN 271.3 million, which means an increase of PLN 11.1 million compared to the same period of 2018.

The hotel sector boasts the largest increase in revenues (an increase of 9.1 million to 48.6 million). This increase was primarily caused by four main factors: the opening of the Focus Premium Sopot facility from April 2018, the opening of the Focus Poznań facility from October 2018, the opening of the Focus Premium Lublin facility from May 2019 and very good sales results in hotels in Łódź, Gdańsk and Szczecin .

"In addition to steadily increasing results, this year we have signed contracts for two new hotels - in Szczecin and Stargard, we have started work on a new facility in Bydgoszcz and we are continuing the project in Warsaw. In the reported period, we improved the industry indicators - both the average daily room price in the Focus network and the income for the available room increased. Soon we will cross the barrier of 1000 rooms, we want to further dynamically develop this segment" - says the president of the board of the Grupa Kapitałowa IMMOBILE, Rafał Jerzy.

Revenues also increased in the industrial segment, which accounts for 45% of the entire Group's revenues. 123.4 million or 3.6% increase was recorded here.

"We have increased both domestic and foreign sales. Docking solutions and automatic parkings are particularly promising products in this segment. PROMStahl docking solutions already have a globally recognized brand, and MODULO automatic parking systems intensively promoted by us in Europe have seen a 67% increase in sales" - says the president about situation in the industry.

The abrupt decrease in revenues in development results from the cyclicality of developer implementations - new apartments for sale (Osiedle Uniwersyteckie and the 2nd stage of Platanowy Park) will be available in 2020 and 2021, respectively.

"We maintain the continuity of the next stages of our investments, but the results reflect the rhythm associated with construction, commissioning of apartments and booking of revenues. The trend of large increases and decreases in development should, however, be balanced in the future, due to the planned start of another phased housing investment" - says Rafał Jerzy, mentioning the project at Czarna Droga street in Bydgoszcz. The company applies for relevant permits related to this construction.

The reduction in revenues is also visible in industrial construction. However, the situation of this segment improved in the last quarter, as announced by the management board. The third quarter was closed with revenues of PLN 48.6 million.

"The situation in the construction industry is associated with the cyclicality of implementation of concluded contracts and the degree of executive commitment to newly concluded contracts. According to the assumption, it has improved in the reporting period and will improve in the subsequent ones" - explains the President.

In connection with the acquisition of the Grupa Kapitałowa ATREM S.A. that was completed this year, a new business segment was separated - Automation and power engineering, which contributed PLN 42.6 million to the company's revenues. The consolidated income statement contains data for the period from 09/05 to 30/06/2019.

"The third quarter of 2019 was the first full period of consolidation of results. The new segment that brought the acquisition of the Atrem Group is currently undergoing restructuring mainly in terms of costs and the portfolio of contracts" - says President Jerzy.

The most important events of the third quarter included the payment of dividends for the fourth year in a row. In recent years, the Grupa Kapitałowa IMMOBILE has allocated almost PLN 20 million for this purpose.