Echo Investment had a net profit of PLN 67.43 million, PLN 180.7 million in EBIT in 2023

Echo Investment recorded PLN 67.43 million of consolidated net profit attributed to shareholders of the parent company in 2023 compared to PLN 127.1 million profit a year earlier, the company announced.

In 2023. The Echo Investment Group developed on the basis of the possibilities related to the rebound in the housing market, high potential of the living segment and stable demand for multifunctional destinations in the largest Polish cities. In 2023, the Group generated over PLN 67 million of net profit attributable to the shareholders of the parent company. The total value of its assets at the end of last year amounted to almost PLN 6 billion, the company reported.

The profit made by the Echo Investment Group in 2023 was mainly the result of handing over the keys to 2,122 apartments and the valuation of the Resi4Rent rental platform, it was reported.

Operating profit amounted to PLN 180.7 million compared to PLN 275.4 million profit a year earlier.

Consolidated sales revenues amounted to PLN 1 573.29 million in 2023 compared to PLN 1394.31 million a year earlier.

In 2024, the Group plans to focus on new housing projects, of which nearly 20 will enter the implementation phase. In addition to the development of Archicom’s business, a company that has taken over the entire competence of the Group in the housing sector for sale, the company plans to take greater advantage of the opportunities offered by the living sector.

The Resi4Rent platform offers over 4.1 thousand apartments for rent in six largest cities in Poland. In only Q4. 2023. Resi4Rent has started the construction of about a thousand such premises.

In the beginning of 2024. Echo Investment has announced a new joint venture with Signal Capital Partners. The aim of the new platform is to implement 5,000 places in private student houses in Poland. This is another project that will allow Echo Investment to increase the use of its own and market land bank, and ultimately maximize investor profits, the company it also pointed out.

The strong market position of the Echo Investment Group is supported by the situation in the commercial sector and the demand for multifunctional destinations. In 2023, more than 45,000 sqm of space was leased in Echo Investment office buildings, and the company also emphasized.

“All the office buildings we have put into use are fully leased. We also see a great interest in tenants in office buildings, which we are currently building in response to the low supply of new space in key locations. Our new buildings will be ready in 2025, when the investment market will revive in our opinion. We are already having intensive, promising talks with investors interested in our projects," Lindberg, CEO Nicklas Lindberg.

In unit terms, the net profit in 2023 amounted to PLN 50.25 million compared to PLN 100.21 million profit a year earlier.

Source: Echo Investment and ISBnews
Photo: Echo Investment - Boho