Swiss Properties Invest (SWISS) H1 2024 earnings summary

Executive summary

• First half of 2024 marked by strong business performance, with portfolio expansion to nine commercial properties acquired at favorable prices and yields.

• Annualized rental income from the portfolio is approximately 50% higher than IPO budget expectations for 2024.

• Portfolio value at end of June 2024 reached DKK 672 million, exceeding the IPO budget projection of DKK 543 million.

• Swiss National Bank's two interest rate cuts in H1 2024 are expected to positively impact financial costs.

Financial highlights

• Revenue for 01.01.24–30.06.24 was DKK 16.8 million, up from DKK 14.4 million in the same period last year.

• Profit before tax rose to DKK 6.2 million from DKK 4.6 million year-over-year.

• Net profit for the period was DKK 6.0 million, compared to DKK 4.4 million in H1 2023.

• Investment properties increased to DKK 672.4 million from DKK 540.2 million year-over-year.

• Cash at period end was DKK 3.0 million, down from DKK 32.1 million at the end of H1 2023.

Outlook and guidance

• Management expresses high confidence in meeting IPO promises of at least 100% return on investment after 10 years and 300% after 20 years.