Oliver Schumy, Credit: Immofinanz

Immofinanz increases net profit by roughly 50% to EUR 202.6 million in the first three quarters of 2019

The strong earnings development recorded by Immofinanz in the previous year continued during the first three quarters of 2019.

Rental income rose by 15.8% to EUR 203.4 million (including the reclassifications from the initial application of IFRS 16). After an adjustment for these reclassifications, the increase in rental income equalled 9.0%. The results of asset management increased 14.3% to EUR 153.8 million, the operating profit (EBIT) rose by 58.0% to EUR 237.1 million and sustainable FFO 1 (before tax) from the standing investment business improved by 47.4% to EUR 92.8 million. Net profit was 50.1% higher at EUR 202.6 million and represents basic earnings per share of EUR 1.9.

“These results demonstrate the continuation of the strong development which began in the previous year. A high occupancy rate of 95% and healthy rental return of 6.3% give our company a solid economic foundation“, indicated Oliver Schumy, CEO of Immofinanz. “Following the reorientation of our portfolio in recent years to improve its efficiency, Immofinanz has successfully returned to a growth course. Our latest acquisitions in the office and retail sectors combined with major completions have strengthened our sustainable earning power and grown our property portfolio to roughly EUR 5.1 billion“.

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