The Unibep Group has published its results for the first half of 2024. In the analysed period, the company generated approximately PLN 1.2 billion in consolidated revenue from sales, representing a year-on-year decrease of around 6%.
The consolidated operating profit amounted to PLN 120.2 million, compared to PLN 27.7 million in the previous year, while the net profit reached PLN 86.5 million, compared to PLN 9.1 million in the first half 2023. As of the end of June 2024, the consolidated net financial debt amounted to PLN 122.0 million, compared to PLN 142.2 million a year earlier. The value of the modular construction segment backlog of orders for implementation starting from the third quarter of 2024 amounts to PLN 3,7 billion, which is 21% more than the previous year.
The reclassification, fair value valuation, and sale of land had a one-time positive impact on the Group’s result. The operating profit, adjusted for the impact of this event, amounted to PLN 17 million in the analysed period, representing a significant improvement compared to the losses recorded in the fourth quarter of 2023 in the construction and modular segments. The pace of improvement in the results is better than expected by the board and presented in the periodic report for 2023.
“We have carried out substantial work within the organisation, the results of which become already visible today in the form of significantly reduced risks, improved communication related to ongoing construction projects, and faster response to deviations from the original assumptions. Despite the challenging investment market, we will continue to pursue the policy of choosing contracts selectively in the construction and modular segments, focusing on projects with optimal economic value. Although this may limit the pace of growth in these areas, we expect it to contribute to a lasting improvement in operational profitability in the coming periods. In the development segment, we will continue to execute sales plans in accordance with project schedules, while applying a well-considered pricing policy for individual clients. We believe that the above approach will bring measurable financial and operational benefits throughout 2024 and will also contribute to further improvement in the operational profitability of the entire Group,” said Dariusz Blocher, President of Unibep.
In the first half of 2024, the Unibep Group secured construction contracts worth approx. PLN 1.1 billion, which increased the order backlog for future periods to around PLN 3.7 billion (+21% year-on-year). Additionally, the value of contracts awaiting signature currently amounts to approximately PLN 0.74 billion, of which PLN 0.1 billion has already been signed recently.
The full report of the Unibep Group for the first half of 2024 is available at: Semi-annual Report 2024 (unibep.pl).
