28 February 2019 – Eje Prime
Quabit’s revenues soared but its profits decreased. The real estate company closed 2018 with a net profit of €6.7 million, down by 53% compared to the previous year, when it reached €14.3 million. The company attributes that reduction to the “activation of tax credits in 2017, amounting to €26 million”, according to reports in a relevant fact submitted to Spain’s National Securities and Exchange Commission (CNMV).
The firm’s EBITDA also deteriorated, with losses of €25.3 million, a figure that quadruples the loss recorded a year earlier when it amounted to €7.3 million. “The negative impact in terms of EBITDA is due to the extraordinary effect of the valuation corrections on the land and the lower discounts on the debt”, said the company in a statement about its results.
In terms of revenues, they soared last year to reach €39.6 million, whereby multiplying the figure from the previous year (€5.7 million) eight-fold. At the end of the year, the gross value of its assets amounted to €506 million, 27% higher than at the end of the previous year. That growth was attributable to the company’s new investments and the revaluation of its portfolio.
In terms of its portfolio, Quabit handed over 190 homes in 2018 and also invested in its land bank, increasing it by around €180 million since 2017. It currently has around 4,000 homes in different phases of development and is working on the launch of new projects included in its business plan for 2018-2022.
Original story: Eje Prime
Translation: Carmel Drake