ARGO Properties (ARGO) Q1 2024 earnings summary

Executive summary

• Net income for Q1 2024 was €4.0 million, a significant turnaround from a €12.9 million loss in Q1 2023.

• Revenues from rental properties increased to €5.9 million, up from €4.8 million year-over-year.

• Gross profit from rental activities rose to €5.2 million, compared to €3.8 million in Q1 2023.

• Operating income reached €8.1 million, reversing a €16.3 million loss in the prior year period.

Financial highlights

• Total revenues for Q1 2024 were €8.4 million, including €5.9 million from rentals and €2.4 million from property management.

• Gross profit from all activities was €5.5 million, up from €3.8 million year-over-year.

• Net cash from operating activities was €4.1 million, compared to €2.5 million in Q1 2023.

• Cash and cash equivalents at March 31, 2024, stood at €9.9 million.

• Total assets increased to €739.0 million from €707.3 million at year-end 2023.

Outlook and guidance

• The company is actively pursuing new acquisitions and expects further loan drawdowns and property purchases in Q2 2024.

• Ongoing sales of apartments under the R2C plan, with 17 units sold for €3.7 million as of May 2024.