Quabit Generated Profits of €1.1M in H1 2018

27 July 2018 – El Economista

Quabit Inmobiliaria recorded a net profit of €1.1 million during the first half of the year, compared with losses of €3.5 million during the same period in 2017, according to information submitted by the company on Friday to Spain’s National Securities and Exchange Commission (CNMV).

The firm’s net turnover amounted to €9.1 million during H1, which more than tripled the €2.8 million recorded a year earlier; and the operating result entered positive territory, amounting to €3.6 million.

The real estate firm closed land operations amounting to €24 million, spanning a buildable surface area 85,130 m2, during the first six months of the year.

In total, since kicking off its growth plan in 2017, Quabit has invested €193 million in plots to build almost 4,850 homes, which means that it has already fulfilled 75% of its target to promote 7,900 homes by 2022.

As at 30 June 2018, the firm’s residential portfolio comprises 3,237 homes, which will generate an estimated turnover of €672 million that will be reflected in the income statement as they are handed over in 2018 and 2019. In June, handover began of 116 homes on the Quabit Aguas Vivas urbanisation in Guadalajara, and the firm will finish the year with a total of 215 homes delivered.

The group highlighted that it will see the sale of almost 1,000 homes in 2019 before it reaches its “cruising speed” of 3,000 deliveries per year in 2022.

Original story: El Economista 

Translation: Carmel Drake

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