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Neinor Homes Posts €12.4-Million Profit in First Six Months of 2019

28 July 2019 – Richard D. K. Turner

Neinor Homes, the developer led by Borja Egotxeaga, closed out the first semester of 2019 with 12.4 million euros in net profits, well above its loss of 8.2 million euros during the first six months of last year. The firm’s revenues doubled, year-on-year, in the period to 161.8 million euros. 85% of its turnover came from its operations as a developer.

Neinor increased its gross margins by 82.1% year-on-year, while, at the same time, reducing its expenses to €22.9 million this year.

The developer delivered 379 homes in the semester, 32% of its target for the year. On the other hand, the company’s NAV fell to €1.325 billion.

Original Story: Eje Prime