Cemat (CEMAT) H1 2024 earnings summary

Executive summary

• Revenue increased by 16% year-over-year to DKK 20.0 million in H1 2024, driven by a 28% rise in rental income to DKK 10.3 million.

• EBITDA was DKK 2.6 million, nearly flat compared to H1 2023, as higher operating costs offset revenue gains.

• Net profit for the period was DKK 0.9 million, down from DKK 1.3 million in H1 2023, mainly due to increased costs and higher net financial expenses.

• The "Moje Bielany" residential project reached 75 signed flat contracts totaling DKK 94 million, with full project impact expected in 2025.

• Occupancy rate stood at 87.5% at the end of June 2024.

Financial highlights

• Revenue: DKK 20.0 million (H1 2024) vs. DKK 17.3 million (H1 2023).

• EBITDA: DKK 2.6 million (H1 2024) vs. DKK 2.7 million (H1 2023).

• EBIT: DKK 2.6 million (H1 2024) vs. DKK 2.7 million (H1 2023).

• Net profit: DKK 0.9 million (H1 2024) vs. DKK 1.3 million (H1 2023).

• Operating costs rose to DKK 17.5 million, up from DKK 14.6 million in H1 2023, mainly due to development and maintenance expenses.

Outlook and guidance

• 2024 EBITDA expected at DKK 5.5–6 million, revised upward from previous DKK 5–6 million.

• Net profit after tax forecasted at DKK 2.5–3 million, before investment property valuation.

• Guidance subject to risks from property valuation, economic conditions, and market demand.