Quabit’s Profits Increased by 79.1% in 2017

28 February 2018 – El Economista

Quabit recorded a net profit of €14.3 million in 2017, which represents an increase of 79.1% compared with the previous year (€8 million).

The real estate firm explained that the increase in profits was due to “the greater activation of credits and discounts associated with the cancellation of its debt” with the bad bank Sareb.

According to a report submitted by the real estate company to the National Securities and Exchange Commission (CNMV) on Wednesday, its net turnover decreased by 82.6% in 2017 to €5.7 million.

Meanwhile, the EBITDA was negative at -€7.3 million, which represented a decrease compared to 2016 (-€19.6 million).

The company highlighted that the progress made in 2017 demonstrates Quabit’s management capacity and gives “visibility” over the execution of the strategic plan with a higher return than initially estimated.

Moreover, it says that it is on course to fulfil its objective of reaching a recurring sales volume of 3,000 homes from 2022 onwards.

For 2018, Quabit estimates having a commercial portfolio of 3,000 homes, as well as starting the construction of 2,000 homes, delivering 215 dwellings and securing plots of land, which will allow it to cover more than 80% of the needs of its strategic plan.

Original story: El Economista

Translation: Carmel Drake