s Immo was black in the first half of the year

After the loss year 2023, Immo's has gone from minus €40.2 million in the first half of 2023 to €13.6 million now.

s Immo, currently listed on the stock exchange, returned to the black in the first half of 2024. The result for the period went from minus €40.2 million in the first half of 2023 to €13.6 million now. Rental income excluding discontinued operations rose from €74.8 million to €111.9 million, and total revenues rose from €137.8 million to €185.6 million, the subsidiary Immofinans announced on Wednesday evening.

“The increase in our key operating figures is not a one-off effect, but creates a sustainable basis for future earnings,” commented s-Immo Board Member Radka Doehring on the current balance sheet figures. s-Immo is active in Austria, Germany, Hungary, Romania, the Czech Republic and Slovakia. The group’s real estate portfolio consists primarily of offices, but also retail, hotels and residential properties. The group was hit by the real estate crisis in Germany and is gradually withdrawing from there.

The property valuation result in the first six months of the current financial year was minus EUR 9.2 million, compared to EUR 21.3 million in the same period last year. “More purchases and sales that improve the results are being examined,” said Tomasz Salajka, a member of the s-Immo board of directors.

Immofinanz already owns more than 50 percent of s-Immo shares and is now planning to exclude minority shareholders (exit) including a farewell to the Vienna Stock Exchange. The cash compensation for the purchase of the affected shares should be determined on the basis of the valuation report and decided upon at an extraordinary general meeting, which is expected to be held in the fall of 2024, Immofinanz said. (APA)