Pro Kapital Grupp (PKG1T) Q4 2024 earnings summary

Executive summary

• Revenue for 2024 was €18.2m, down from €23.0m in 2023; Q4 revenue rose to €7.6m from €3.1m year-over-year.

• Net loss for 2024 was €2.8m, compared to a €0.9m loss in 2023; Q4 net profit was €1.3m, up from €0.1m.

• Gross profit for 2024 decreased 23% to €5.4m; Q4 gross profit increased to €2.6m from €1.0m.

• Major projects advanced in Tallinn, Riga, and Vilnius; hotel operations in Germany outperformed budget.

• Acquisition of 67.5% in Preatoni Nuda Proprieta S.r.l. expands presence in Italy.

Financial highlights

• Gross margin remained stable at 30% for 2024 (31% in 2023); Q4 gross margin at 34%.

• Operating profit for 2024 was €0.1m, down from €3.0m; Q4 operating profit rose to €1.9m from €1.3m.

• Cash used in operations was €10.2m in 2024, compared to €9.1m generated in 2023.

• Net asset value per share at year-end was €0.92, down from €0.96.

• Total assets increased to €118.8m; equity ratio at 44.03%.

Outlook and guidance

• Market normalization expected by late 2025 as interest rates decline and buyer confidence returns.

• Modest optimism for 2025 with continued project completions and new developments planned.