PL

Poland Ronson prepares for the market rebound

Residential
Ronson Development published its Q1-3 2022 financial report. Company’s total revenue amounted to PLN 199.4 mln, vs. PLN 349.4 mln in Q1-3 2021. The revenue decreased by PLN 150 mln, which is primarily explained by lower number of units delivered.

466 units were delivered to the customers during the nine months ended 30 September 2022, comparing to the 625 units delivered in the same period last year.

Gross margin during Q1-3 2022 amounted 24.5 pct and increased comparing to 18 pct in Q1-3 2021. The main projects affecting the gross margin are Ursus Centralny IIa with the margin of 24.2 pct, Ursus Centralny Ib with the margin of 27 pct and Nowe Warzymice II with the gross margin of 27.2 pct. During the Q1-3Q 2021 the main projects affecting the gross margin were Ursus Ia and Vitalia III with the margin of 18 pct and Viva Jagodno I with the margin of 25.1 pct. Operating profit came in at PLN 28 mln in Q1-3 2022 vs. PLN 41.7 mln in Q1-3 2021, net profit was PLN 12.1 mln in Q1-3 2022 vs. PLN 28.8 mln in Q1-3 2021.

Majority of the company’s revenues in Q1-3 2022 came from the projects: Ursus Centralny II a (38 pct), Ursus Centralny I b (22 pct), Nowe Warzymice II (10 pct) and Miasto Moje IV (9 pct). Contribution in gross profit from the same projects: Ursus Centralny II a (38 pct), Ursus Centralny I b (24 pct), Nowe Warzymice II (11 pct) and Miasto Moje IV (9 pct). In Q1-3 2022 Ronson sold 298 units. The main sales drivers in this period were Miasto Moje (81 units), Ursus Centralny (76 units), Viva Jagodno (56 units) and Nowe Warzymice (39 units).

The financial and sales results of Ronson Development reflect the current economic situation. High inflation increases in interest rates and, as a result, a slowdown in the mortgage loan market have made cash customers the most active group on the market. However, the reason for satisfaction is the margin level achieved, which was higher by 36 pct compared to the previous year. Our goal is now to prepare for the market rebound, which is why we are constantly expanding our land bank. In the reporting period, we bought 7 new plots of land in Warsaw, where over 2,000 apartments will be built.
Boaz Haim, CEO of Ronson Development

The very large, currently unsatisfied demand will return with a double force in the first half of 2024. We are now getting ready for this time to start projects with full power. In 2023, we will focus on securing financing after the pre-sale of new stages and new projects launched, improving cost efficiency, as well as all preparatory activities, such as obtaining building permits for all planned projects. 2023 will therefore be a time of hard work, but not towards expansion, but maintaining the market position.
Andrzej Gutowski, Vice President and Sales Director of Ronson Development

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Edition 1 (285) January 2024

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