Quabit closes the first semester with a 1.1 million profit
The company starts delivery of a development with 116 dwellings and ends the year with a total of 215 units delivered
Madrid, July 27th 2018.- During the first semester of 2018, Quabit Inmobiliaria has boosted the visibility of its Business Plan 2017-2022 with the acquisition of new land and strict compliance with its pre-sales milestones, launch of new products and developments under construction, all of which are key variables for achieving the delivery targets in 2018 and 2019 and the generation of operating profits.
In the first six months of the year, the company chaired by Félix Abánades completed land operations to the sum of 24 million euros with 85,130 development ready square metres. In total, since its growth plan launched in 2017, Quabit has invested 193 million in land for the construction of almost 4,850 dwellings, which signifies meeting 75% of the target of 7,900 units developed until the year 2022.
Following all these operations the company has consolidated its high-quality land bank, making available over 1.1 million buildable square metres for the development of 8,800 residential units.
Thus, Quabit continues progressing towards its goal of becoming one of the leading development businesses in Spain. During the first semester five new developments have been launched, bringing the developments at different stages of execution to 45.
In all, at 30 June its residential portfolio totals 3,237 units with an estimated turnover of 672 million euros, as shown in the income statement as deliveries are effected, between 2018 and 2019. June saw the start of the delivery of 116 Quabit Aguas Vivas dwellings in Guadalajara and will see out the year with a total of 215 units delivered. It will be in 2019 when the figure of one thousand registered dwellings will be obtained, reaching a rate of 3,000 deliveries/year in 2022.
Additionally, to date work has commenced on 10 developments, bringing the current developments up to 14 which together total 909 units. It expects to end the year with around 1,700 dwellings under construction.
The evolution of the pace of its marketing also runs parallel to the performance of Quabit’s business plan. In this respect, the increase in pre-sales has accelerated with the start of the new marketing actions, to a total of 814 dwellings to the value of 169 million euros in the first semester.
In line with the above, the turnover grows at 225% and is starting to generate EBITDA (3.7 million euros), although the improvement is largely due to the application of debt releases. At the same time, net profit is positive at 1.1 million euros with a 132% increase vs. the first semester result of the previous year.
In addition, debt remissions pending (41.4 million euros) and the tax credits pending recognition (137.2 million euros) are two major value levers that have the potential of generating profits both in 2018 and over the coming years.