Half year report 2024: solid results and important progress made
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Ina Invest AG / Key word(s): Half Year Results/Real Estate
Glattpark (Opfikon), 20 August 2024 – Ina Invest, the Swiss real estate company listed on the SIX Swiss Exchange, generated an operat-ing result (EBIT) of CHF 6.9 million in the first half of 2024, an increase of 63% from the previous year's figure of CHF 4.2 million. The operating result excluding market value changes amounted to CHF 2.6 million, compared with CHF 3.4 million in the same period of the previous year. Consolidated profit reached CHF 2.1 million (HY 2023: CHF 1.2 million). Solid rental income from the completed properties and positive changes in market value, primarily due to progress made in development projects, contributed to the result. Despite the larger real estate portfolio, operating expenses were only slightly higher, mainly due to the higher cost of debt capital. Market value of the real estate portfolio increased Overall, real estate valuers have a positive view of residential properties due to the high demand, while office properties are viewed more critically. The strategic focus of Ina Invest's portfolio on a high residential share of over 50% (after completion) is clearly advantageous. At CHF 7.6 million, rental income was roughly on the level of the first half of 2023 (HY 2023: CHF 7.9 million). The "Elefant" building (Lokstadt) in Winterthur contributed a full semester of rental income. In the "Chemin des Olliquettes" property in Lancy (Geneva), three out of four floors were leased to the Canton of Geneva on a long-term basis. On the other hand, there were properties that became vacant due to an upcoming renovation, such as the "Rue du Valais" in Geneva. Significant development successes Finally, at the end of June, the Pratteln residents’ council approved the "Bredella West" master plan by a clear majority. A referendum has been called against this decision, meaning that a public vote is expected to take place in the fall of 2024. Over the coming years, Ina Invest intends to gradually transform the development site, currently used for commercial and industrial purposes, into an attractive, green central quarter with a high proportion of residential units. Sustainability as a competitive factor and part of our DNA Merger successfully completed Confident outlook In light of this, the Board of Directors and Executive Board of Ina Invest are looking to the future with confidence. The priorities for the second half of 2024 are the ongoing projects – the construction of the casino in the Lokstadt-Hallen, the start of construction on Schaffhauserstrasse and the development of the Rocket & Tigerli and Rue du Valais projects as well as the "Unterfeld Baar" development plan to prepare for construction. We are reaffirming our medium-term goals for Ina Invest – a portfolio size of over CHF 2 billion and a return on equity (ROE) of over 6%. Contact for investors and analysts
End of Inside Information |
Language: | English |
Company: | Ina Invest AG |
Binzmühlestrasse 11 | |
8050 Zurich | |
Switzerland | |
Phone: | 044 552 97 00 |
E-mail: | [email protected] |
Internet: | www.ina-invest.com |
ISIN: | CH0524026959 |
Valor: | 52402695 |
Listed: | SIX Swiss Exchange |
EQS News ID: | 1970943 |
End of Announcement | EQS News Service |
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1970943 20-Aug-2024 CET/CEST
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