Real Estate Allreal makes significantly more profit in the first half-year
Allreal earned significantly more in the first half of the year. The real estate group based in Opfikon, Zurich, benefited from the fact that the value of its real estate portfolio was not devalued any further - on the contrary.
27.08.2024, 23:00
SDA
Allreal generated a net profit of CHF 67.2 million in the first half of 2024, 52% more than in the previous year, according to the annual report. Rental income was 2.3 percent higher at 111.0 million.
The revaluation effect amounted to plus CHF 6.7 million. In the first half of 2023, Allreal still had to report a devaluation of CHF 26.1 million. By contrast, earnings excluding revaluation effects fell by 9.3 percent to CHF 60.5 million.
At CHF 91.6 million (-3.7 percent), the operating result was also slightly down on the previous year. In addition to an increase in financial expenses, a special effect from the sale of a property in the first half of 2023 should be noted in particular.
The real estate group continues to expect a slightly lower operating result for 2024. This is because net financial expenses will increase slightly due to long-term financing, even after the interest rate cuts in the current year.
Overall, however, the management remains confident about the potential in terms of value creation and distribution, it said. Demand for apartments in urban centers remains very high, and the reletting of modern commercial space in good locations is also taking place in a functioning market.
