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Núñez i Navarro Doubled Its Profits In 2016 To €33.1M

5 September 2017 – Eje Prime

Núñez i Navarro recorded a good set of results last year. The company, the largest unlisted real estate company in Cataluña, saw its profits soar in 2016 to €33.1 million, up from €12.9 the previous year. In this way, the group has returned to growth and is getting closer to its best result ever, recorded in 2007 when it generated a profit of €48.6 million.

The group attributes the increase in its net result to an improvement in its recurrent rental income, a recovery in the value of its assets, which had depreciated during the crisis, and income resulting from a ruling, confirmed by the Supreme Court, which obliged Endesa to indemnify the company for the purchase and sale of real estate in Palma de Mallorca, according to Crónica Global.

By contrast, Núñez i Navarro’s turnover fell in 2016. The company recorded revenues of €110 million, down by 5.1% compared to the same period a year earlier, when its sales amounted to €116 million. The company’s consolidated own funds rose to €595 million.

The group’s business lines include property development and the operation of real estate assets, in particular offices, retail stores, homes, car parks, industrial warehouses and hotels.

The group’s Board of Directors still comprises members of the founding family. It includes Josep Lluís Núñez Clemente, his wife María Navarro Obón and their sons Josep Lluís and Josep María Núñez Navarro.

Original story: Eje Prime

Translation: Carmel Drake