Impact Developer & Contractor SA has reported 237 percent increase in net profit and incomes of over RON 123 million in Q3 2016. According to the company, 94 percent of sales were generated by Greenfield, one of the bestselling residential projects in Bucharest.
Out of the RON 123 million, 112.1 million resulted from the sale of apartments and represented a 42 percent year-on-year increase. Based on these results, the net profit has increased to RON 27.9 million, an increase by 273 percent compared to last year’s result when the company had a net profit of RON 7.5 million.
According to Impact Developer & Contractor SA, the the Greenfield residential project has generated most of the sales. There have been 429 signed contracts and pre-contracts during January-September. In terms of customers’ preferences, the 2 rooms apartments ranked first (50 percent), followed by 3 rooms apartments (36 percent), and finally by 4 rooms apartments (14 percent).
“The outstanding financial results achieved in the first nine months have arrived even at a time when the market was slightly retained not only because of the introduction of the Law on Debt Discharge, but also because of the end of the funding granted for First Home program thus reconfirming the quality of the Greenfield project that becomes a bestseller on the residential districts’ market. Our priorities in the near future will be directed both towards completing the construction works for the 39 new buildings in Greenfield and towards starting the development of two new projects in the Bucharest Ghencea and Barbu Vacarescu areas, where the company owns almost 30 hectares of land plots intended to be used for future residential development. In addition, we are constantly following trends and market developments in order to be able to provide attractive residential products thus ensuring Impact recognition as the leader of the local residential market”, says Bartosz Puzdrowski, CEO of Impact.
IMPACT currently holds approximately 890.000 sqm mainly intended for the development of new real estate projects in Bucharest, where the company intends to focus on its future projects. The land plots registered from property investments in addition to the fixed assets have been reassessed at the market value in December 2015.
The company’s liabilities have decreased by 24 percent at Q3 from RON 106.83 million to RON 80.8 million. Overall, the company’s indebtedness level to September is around 17 percent, which shows an increased capacity to generate new projects.