MADRID, 27 Oct. (EUROPA PRESS) -
Metrovacesa obtained a net profit of 16.2 million euros in the first nine months of the year, a figure 64.6% higher than that of the same period in 2021, as reported by the company on Thursday.
The real estate developer has explained that its profits for the January-September period have been supported by a 22% increase in the volume of home deliveries, up to a total of 1,327.
Until September, Metrovacesa's gross operating profit (Ebitda) reached 34.1 million euros, 16.4% more compared to the same period in 2021, while its revenues increased by 5%, reaching 351, 8 million euros.
The company has highlighted that its "good operating performance" throughout the year, together with cash generation, allowed it to close the month of September with a cash position of 287 million euros.
The evolution of the business and its financial situation have led Metrovacesa to announce the distribution of 159 million euros in dividends.
This new dividend, subject to the approval of the promoter's general meeting on November 29, will amount to 1.05 euros per share, the highest figure since its IPO in 2018.
This amount represents a dividend yield of 17.2% at the current price and, added to the dividend of 0.60 euros paid last May, an annual yield of 27%.
"This dividend distribution reinforces Metrovacesa's profile as one of the most attractive securities in terms of shareholder remuneration", the company highlighted.
Payment will be made in December, and may be delivered either entirely in cash, or in a combination of company shares and cash, at the discretion of the shareholders.
Metrovacesa closed September 2022 with a net debt of 151.5 million euros, which represents a leverage ratio of 5.9%.
After the payment of the planned dividend, this percentage will rise to 12% in pro-forma terms, but the promoter stresses that it continues to be a "very prudent and one of the lowest in its sector, both in Spain and in other countries of the European Union".
Metrovacesa expects to deliver between 1,600 and 2,000 homes this year, of which 95% have already been pre-sold and 100% of the construction works have already been completed.
In addition, at the end of September 2022, the company had an accumulated pre-sales portfolio of 3,047 units.
Looking ahead to 2023, 75% of the homes to be delivered over the next year are already pre-sold, as well as more than 50% of those corresponding to 2024.
Despite the fact that recent months have been marked by inflation and a macroeconomic environment of uncertainty and volatility, Metrovacesa perceives "a favorable balance between supply and demand for new-build housing", although it acknowledges that the average construction times are lengthening. customer purchase decision.
The developer currently has 5,774 homes in the marketing phase, of which 1,635 units correspond to new launches during the first nine months of the year.
As regards construction works, Metrovacesa continues to make progress in meeting the planned deadlines and currently has a total of 3,441 homes under construction.
In the first nine months, the developer has completed the work on 915 homes and plans to speed up the start of work on new projects in the last quarter, with the aim of approaching 2,000 units started in 2022.
"Facing the coming months, marked by a challenging context and greater market uncertainty, the company is strongly prepared, thanks to the strong visibility of deliveries for the next two years, a fully operational activity and excellent implementation in the markets in which we operate", highlighted Jorge Pérez de Leza, CEO of the company.
