15 May 2018 – Eje Prime
The Urbas Financial Group is in the red. The company recorded a negative net consolidated result of €354,000 during Q1, which represented a decrease from the profit of €1.05 million that it recorded in the first quarter of 2017, according to Spain’s National Securities and Exchange Commission (CNMV).
The Group’s total debt with banks decreased by 2.4% in March to €122.6 million. Urbas’s land portfolio spanned 18 million m2 at the end of the first quarter. Of the real estate company’s total surface area, 73% corresponds to rural land, 25% to buildable land and 2% to urban land.
Most of the land bank that the Group owns is located in the Community of Valencia, which accounts for 34.8% of the company’s portfolio. That region is followed by Madrid with 20.5% of the total; Andalucía with 17%; and Castilla La Mancha with 14%, which are the other three regions where the company’s land is concentrated. It also owns plots in Murcia, Castilla y León and several other autonomous regions.
In 2017, Urbas increased its profit by 8.8% to exceed €5 million. The group recorded revenues of €4.2 million, which represented an increase of 40% with respect to 2016, and also generated positive EBITDA.
Original story: Eje Prime
Translation: Carmel Drake