ARGO Properties (ARGO) Q2 2024 earnings summary

Executive summary

• Revenues from rental properties increased to €12.1 million for the six months ended June 30, 2024, up from €10.1 million year-over-year.

• Net income for the six months ended June 30, 2024 was €11.0 million, compared to a net loss of €13.2 million in the same period last year.

• The company expanded its segment reporting to include conversion and selling of apartments as a separate segment.

Financial highlights

• Gross profit from rental properties rose to €10.4 million for the six months ended June 30, 2024, from €8.2 million year-over-year.

• Total gross profit, including apartment sales, reached €10.9 million for the six months ended June 30, 2024.

• Basic earnings per share for the six months ended June 30, 2024 was €0.60, compared to a loss per share of €0.73 in the prior year.

• Cash and cash equivalents increased to €20.9 million as of June 30, 2024, up from €11.6 million at year-end 2023.

Outlook and guidance

• The company is examining the impact of IFRS 18, effective from 2027, on its financial statements.

• Additional loan agreements and property acquisitions are expected to be finalized in the coming weeks.