Victoria Eiendom (VIEI) Q4 2024 earnings summary

Executive summary

• Profit before tax reached NOK 803 million, up from NOK 260 million in 2023, mainly due to improved results from the affiliate Pandox, higher rental income, and better gross operating profit.

• Value-adjusted equity per share rose to NOK 1,100, a 15% increase year-over-year, including dividends.

• The board proposes an ordinary dividend of NOK 15.00 per share for 2024, up from NOK 13.00.

Financial highlights

• Rental income for the group was NOK 1,398 million, up from NOK 1,292 million in 2023.

• Operating profit was NOK 803 million, down from NOK 909 million due to lower sales gains, partially offset by higher rental income.

• Net financial income increased to NOK 213 million, mainly from dividends and derivative gains.

• Finance costs rose to NOK 612 million, reflecting higher interest-bearing debt.

• Profit for the year was NOK 724 million, up from NOK 148 million.

Outlook and guidance

• The company expects continued volatility in interest rates, with Norges Bank signaling two rate cuts in 2025.

• Increased uncertainty is anticipated due to global macroeconomic and geopolitical factors, as well as upcoming national elections.

• The group is well-positioned to handle market challenges and capitalize on opportunities, supported by a strong liquidity reserve and solid financial position.