ARGO Properties (ARGO) Q4 2024 earnings summary

Executive summary

• Significant turnaround in profitability, with net income of €35.2 million in 2024 versus a net loss of €43.5 million in 2023, driven by strong fair value gains on investment property and improved rental income.

• Expansion of the portfolio with the acquisition of 320 apartments in 2024 and further agreements for 258 apartments to be completed in 2025.

• Successful equity raise in September 2024, issuing 2.46 million shares for gross proceeds of approximately NIS 220.5 million.

Financial highlights

• Total revenues from property rental and management rose to €25.0 million in 2024, up from €21.4 million in 2023.

• Gross profit from property rental increased to €21.1 million in 2024 from €17.6 million in 2023.

• Net income for 2024 was €35.2 million, compared to a net loss of €43.5 million in 2023.

• Basic earnings per share were €1.87 in 2024, versus a loss per share of €2.40 in 2023.

• Fair value of investment property at year-end 2024 was €782.7 million, up from €679.5 million at year-end 2023.

Outlook and guidance

• Agreements for the purchase of 258 apartments (approx. €34.8 million) are expected to close in the first half of 2025, with financing arrangements in place.

• Additional loan agreements totaling €24.9 million are expected to be drawn in early Q2 2025 to support further acquisitions.