Montebalito Earns 1.9 Million Until June And Notes A Change In Business Trend

1.9 million euros in the first six months of the year, compared to the losses of 3.6 million euros recorded in the first half of last year, which augurs a “change in trend” in the evolution of your business.

Specifically, the real estate developer has registered significant growth in the sale of properties in Brazil and France , as well as in the beginning of the commercialization of new housing developments located in Madrid, as explained in its income statement.

In addition, in the third quarter it will deliver all of its Cardenal Herrera Oria (Madrid) promotion, with a sales figure of 9.3 million euros . Thus, it expects that the volume of sales at the end of the year will exceed those of the previous year, despite the general contraction of the economy.

The group achieved a turnover of 10.8 million, 60% more
In the first six months of the year, the group’s turnover amounted to 10.8 million euros, which represents a growth of 60% compared to a year ago. The promotion area is the one that contributed the most, with some 9.5 million euros in sales volume, 83% more.

In the property area, rental income reached 633,000 euros, while the rest of the income corresponds to the activity of its tourist apartments in Seville and the construction activity, which amounted to 767,000 euros.

The gross operating profit (Ebitda), meanwhile, was 738,000 euros, almost three times higher , and the current financial debt level stands at 7.8 million euros, 37% less 37%. In addition, it reduced its operating costs by another 33%.

New business plan
In this first half of the year, Montebalito has approved a new business plan with which it seeks to divest all its activity abroad and focus on the Spanish real estate market, where it plans to build 300 homes by 2025 through an investment of 25 million euros .

As a result of the new perspectives and business plan of the company, the board of directors approved for 2021 a distribution of issue premium of 8 cents per share, of which 4 cents were distributed in January and the other 4 cents in July.

For 2022, the board will propose to the general meeting a distribution of 12 cents of share premium, to be distributed equally between January and July at a rate of 6 cents each time. Finally, a distribution of 16 cents is planned for 2023, always charged to the share premium, so there is no withholding for the shareholder.