Quabit Reassures Investors of Business as Usual Despite Falling Share Price

24 October 2018  – Eje Prime

Quabit is reassuring its investors. The property developer chaired and controlled by Félix Abánades has informed Spain’s National Securities and Market Commission (CNMV) that it does not think that the decrease in its share price in recent weeks is justified “given that it does not correspond to the current value or the fundamentals of the company”.

In this vein, the company has confirmed that it is working “intensely and with absolute normality”, in accordance with the objectives established in its strategic business plan, which will be completed in 2022.

The property developer has also explained that the legal battle over the mortgage tax is not affecting the company’s activity, either from the point of view of granting loans to the company or of signing credits with its customers. In any case, the company has announced that it has yet adopted any decision regarding the possibility of initiating claims.

Quabit finalised the first half of the year with profits, for the first time, of €1.14 million, compared with losses of €3.52 million recorded as at June 2017, according to a statement filed by the company with the CNMV in July. Similarly, in terms of turnover, the group tripled its revenues during the first half of the year to €9.15 million, three times the amount recorded during the 6 months to June 2017.

Abánades’ company currently has fourteen developments under construction in several areas of Spain, containing 909 homes in total, after recently starting work on a dozen residential projects.

Since 2017, Quabit has invested €193 million in land on which to build almost 4,850 homes, which means that it has already fulfilled 75% of the promotion target established in its plan for 2017-2022.

Original story: Eje Prime 

Translation: Carmel Drake