BriQ Properties: Net profits increased by 98% in the 9 month of 2024

The total value of its portfolio increased by 51% , reaching 225m euros . As stated in the relevant communication BriQ Properties S.A. P. (the ‘Company’ or ‘Group’) makes public the basic economic figures of the period from 1 January 2024 to 30 September 2024. Within the period the company went on to invest a total amount of EUR 69 million including the completion of the first phase of the Intercontinental International SNEAP merger (‘ICI’). In particular, on 31.01.2024 the transfer of 16 ICI properties for a total price of EUR 56,6 million was made and on 14.06.2024 the acquisition of the 17th ICI property at a price of EUR 4.0 million was completed. During this period the Company achieved an increase in all its sizes, in particular: The total value of the real estate portfolio increased by 51% to 225m euros compared to 149m euros at 31.12.2023. Rent revenues increased by 67% and amounted to 11.2m euros compared to 6.7m euros in the respective period last year. The occupancy ratio is currently 99.4%. Profit before interest and depreciation taxes (EBITDA), including gains from real estate value adjustment, increased by 90% to EUR 9.5 million compared to EUR 5,0 million in the respective period last year. Net profits increased by 98% and amounted to EUR 11.7 million compared to EUR 5.9 million in the respective period last year. Net gains not including gains from real estate value adjustment, increased by 31% and amounted to EUR 4.6 million compared to EUR 3.5 million in the respective period last year. The internal value of the share (NAV/share) corresponding to the shareholders of the Company amounted to 3,28 euros on 30,09.2024 versus 3,07 euros on 31.12.2023 (+6,7%). The Company’s loan increased to 106m euros from 37m euros, corresponding to LTV 47.5%, as the ICI’s 17 real estate market was financed entirely by borrowing. Also on 18 June 2024 a dividend of EUR 0,1045 per share was distributed from the profit of the year of 2023, i.e. a total of EUR 3.7 million, offering a net dividend return of 5.3% on the basis of the closing price of the share (‘PRI’) on 20.05.2024. The CEO of the Company, Anna Apostolidou said: “We remain committed to completing the merger with ICI, which is the first merger of listed S.A.S. P. in the Greek market and we aim at economies of scale that will enable us to achieve even higher yields. At the same time, we upgrade our portfolio with renovations and investments that improve the energy profile of the properties. Moreover, we design the future by investing in the digital transformation of the Company and adapting our investment strategy based on the Company’s new expanded portfolio. “