GMP Property SOCIMI (YGMP) H1 2024 earnings summary

Executive summary

• Consolidated financial statements for the six months ended June 30, 2024, prepared under IFRS and reviewed by Deloitte, show a strong rebound in profitability and asset growth.

• The limited review by Deloitte found no material misstatements and highlighted that the interim statements should be read alongside the 2023 annual accounts.

Financial highlights

• Net revenue reached €53.2M, up slightly from €52.95M year-over-year, with rental income as the main contributor.

• Net profit attributable to the parent was €71.5M, a significant turnaround from a €25.1M loss in the same period last year.

• EBITDA and operating profit improved, driven by a €45.6M positive fair value adjustment in investment properties (vs. €51.4M negative last year).

• Basic and diluted EPS were €3.74, compared to a loss per share of €1.31 in H1 2023.

• Total consolidated assets increased to €2.54B from €2.47B at year-end 2023.

Outlook and guidance

• The company expects to maintain high occupancy (97.1%) and continue investing in property improvements and acquisitions.

• No significant changes in business seasonality or cyclicality are anticipated.