Grupo Insur announces that it has closed the first nine months of 2024 with a ebitda of 23.3 million euros, up 20.3% compared to the same period of 2023. “These results are supported by the good performance of all business sectors and the turnover of assets achieved during the period which is in line with one of the Group’s strategic objectives” , assured the Andalusian real estate company in a press release. statement. THE Consolidated turnover amounts to 101.4 million euros, up 46.4% compared to 2023, driven by the good performance of all businesses and in particular promotion and construction activities.
Grupo Insur is a global real estate management company with more than 75 years of experience in the sector and listed on the Stock Exchange since 1984. In its development activity it has a portfolio of 3,836 homes in prime areas of Andalusia and Madrid and close to 129,000 square meters of promotion projects tertiary sector, including 104,565 square meters currently under development and three of them, the Ágora and Noa offices in Málaga and Éler in Madrid (Las Tablas) They are under construction. Grupo Insur is the Andalusian leader in real estate management with a total asset portfolio of 118,000 square meters including offices, hotels, commercial premises and 3,000 parking spaces. The majority of its heritage assets are or are in the process of obtaining Breeam certification.
At the end of September, the turnover of the activity of the promotion reached 63.5 million euros, up 64.5% compared to the first nine months of 2023, after having delivered 189 homes with an average selling price (PMV) of 416,000 euros. Construction activity amounted to 21 million euros, up 136.2%.
For its part, the turnover of real estate activity records growth of 4.0% over one year to 13.6 million euros, while the turnover from management activity stood at 3.3 million euros, up 19.2% compared to 2023.
Good sales
Insur highlights its “extraordinary commercial performance” during the first nine months of the year. Standouts are pre-sales, which have once again established a new record reaching 202 houses sold in one quarter, 137.6% more than the same period of the previous year.
In detail, pre-sales formalized as of September 30 amount to 470 homes for an amount of 159.1 million euros; 106.6 million euros adjusted for the Group’s percentage of participation in joint ventures. These figures make it possible to record cumulative pre-sales at the end of September 2024 of 1,002 units for an amount of 316.2 million euros, i.e. 27% more than at the end of 2023 (+13.1% restated for the participation percentage of the Group).
Thanks to these results, the Presale coverage in 2024 and 2025 amounts to 93.2% and 74.5%respectively.
Likewise, the large volume of deliveries expected in fourth quarter (83.6 million euros in total -68.5 million euros adjusted for the percentage of the Group’s participation in joint ventures) allows us to estimate a significant increase in Ebitda and net profit in the last quarter of the year.
The Group currently has a residential land portfolio of 3,836 housing units. Thus, 2,114 housing units correspond to active subdivisions, including 1,193 housing units under construction, 532 housing units awaiting construction, 326 in the design phase and 63 completed. It also has a land portfolio for the development of 1,722 additional housing units.
Offices
By fulfilling the objectives of the Strategic Plan for growth in tertiary promotion offices and other uses, in Madrid and Malaga, the Group has five projects in development with a total buildable area of 104,565 square meters above ground and three of them, the Ágora and Noa office projects in Málaga and Élever in Madrid (Las Tablas), are under construction.
Concerning real estate activity, the occupancy rate closed at 92% as of September 30, i.e. 0.8 percentage points more than at the close of the second quarter of 2024.
As part of the Strategic Asset Rotation Plan to grow in Madrid and Malaga, between January and September, Grupo Insur carried out an asset turnover amounting to 11.1 million euros. In this regard, the sale of Swedish building, in Sevillefor 10 million euros, which made a gross profit of 6 million euros and three premises, two parking spaces and an office in Seville and Malaga for 1.1 million euros, 20.4% more than the valuation of CBRE.
Magnitudes
He ebitda adjusted – which does not take into account the result of the sale of real estate investments – reached 17 million euros, or 63.1% more than the same period of the previous year.
The result of exploitation and profit net amounted to 20.1 million euros and 10.5 million euros, with growth of 41% and 76.3%, respectively, compared to the same period of 2023.
THE annualized contractual income in force on September 30 increased slightly compared to the previous quarter to reach 18.6 million euros.
THE net financial debt It was reduced by 4.8% compared to the end of 2023, reaching 229 million euros, and according to the company it will present a notable reduction at the end of the year due to the large volume of deliveries planned for the fourth quarter .
The vgross asset value or GAV It stands at 600.9 million euros, up 1.6% compared to the first half of 2024. Of the GAV, 52% corresponds to real estate activity and 48% to development activity.
For his part, the gross asset value net of debt or net asset value It amounts to 371.9 million euros, an increase of 19.4 million euros compared to the same period of the previous year, which represents an increase of 5.5%. The ratio between financial debt and GAV (LTV) amounts to 38.1%, or 2.5 percentage points less than at the end of 2023.
