Logistri (LOGIST) Q3 2024 earnings summary

Executive summary

• Revenue increased by 14.2% to SEK 33.2m in Q3 2024 and by 13.0% to SEK 98.8m for Jan–Sep 2024, driven by property acquisitions and index adjustments.

• Operating surplus rose 18.7% to SEK 30.9m in Q3 and 16.0% to SEK 92.6m YTD, with a surplus ratio of 93.8%.

• Management profit grew 27.2% to SEK 22.0m in Q3 and 26.0% to SEK 67.3m YTD.

• Five new property acquisitions were agreed in Q3, with a total value of SEK 329m and annual rental income of SEK 23.8m.

• The company remains focused on industrial and warehouse properties in Sweden, with a growing portfolio and strong financial position.

Financial highlights

• Net income for Jan–Sep 2024 was SEK 71.0m, up from SEK 46.9m year-over-year.

• Earnings per share for Jan–Sep 2024 were SEK 9.68, compared to SEK 9.59 last year.

• Cash flow from operations was SEK 43.2m for Jan–Sep 2024, with cash and equivalents at SEK 122.2m at period end.

• Equity increased to SEK 1,062.5m, with a solid equity ratio of 53.0%.

• Dividend of SEK 5.20 per share decided for 2024, paid in four installments.

Outlook and guidance

• Pro forma rental value after announced acquisitions is expected to reach SEK 164m, with management profit exceeding SEK 100m within reach.

• Access to financing for new property investments is strong, with credit margins approaching 2021 levels.

• Ongoing development projects and further acquisitions are expected to support continued growth.