Meta Estate Trust continued to deliver good financial results for shareholders and announces net profit of Ron 2 million for Q1 2024, three times higher than the same period of 2023
- Q1 financial results are in line with shareholder approved budget for 2024.
- The company's total revenues increased 3 times compared to Q1 2023, totaling 7.4 mil Ron in this quarter, 95% of which came from the company's business.
- The turnover in Q1 2024 is 3.41 million (vs. Q1 2023: RON 0.13 million) representing 47% of the company's total revenue
Bucharest, 20 May 2024:
Meta Estate Trust, (stock symbol MET), a holding company operating in the real estate sector and acting as a portal between the real estate market and the capital market, continued its good financial results in Q1 2024, achieving a net profit of Ron 2 million in line with the recently approved 2024 budget. The company's focus for the first part of 2024 was restructuring the investment portfolio for appropriate securitization and mitigation of significant exposures.
In the first quarter of 2024, the company delivered results to shareholders in line with the approved budget. Turnover for the quarter was RON 3.41 million (Q1 2023: RON 0.13 million) representing 47% of total revenue, generated predominantly from sales of residential real estate units in Bucharest held in the Mobexpert Homes and Parcului projects. There is a balanced revenue component, comprising total revenues of over RON 7 million evenly distributed across the company's main business lines.
Alexandru Bonea, CEO Meta Estate Trust: In line with the strategy for 2024, in the first quarter, Meta Estate Trust's management team closely monitored the investment portfolio and restructured several real estate projects in order to further secure current investments and strategically position for future exits. The focus was on balancing investment risk across business lines. To this end, we carried out two operations in the first quarter, securing our position in a strategic investment in Poiana Brasov, and acquired 10 apartments in the Noa Pajura project, of which 9 units are already pre-contracted by final clients.
The focus for the year remains to reduce significant exposures, to take over and capitalize on properties to be completed from several investment projects and to develop the investment portfolio through bank financing. We will monitor and restructure the investment portfolio with the ultimate aim of maximising investment returns.
At the end of April, the company also received shareholder approval to start a share buyback program whose intention is to increase both the market liquidity of MET shares and the trading value in order to decrease the discount between the current capital market value and the unit net asset value. This program is expected to start in the second half of 2024, with cash proceeds realized from unit sales or exits from real estate projects.
Another novelty announced by Meta Estate Trust is the targeting of investment projects that are being considered with potential financing from a bond issue.
In terms of litigation in which Meta Estate Trust is engaged, the company has contracted reputable law firms that will support MET's position. The Company will communicate to shareholders on an ongoing basis the progress of litigation through current reports, depending on their stages and deadlines.
About Meta Estate Trust:
Meta Estate Trust is a real estate holding company founded in March 2021 by a group of Romanian entrepreneurs with experience in real estate and capital markets. Since 29 August 2022, Meta Estate Trust is listed on the Bucharest Stock Exchange, in the AeRO market, with the stock symbol MET. As of 20 March 2023, the MET share is included in the BETAeRO index.
The investment policy is based on a mix of investment typologies with different return and risk profiles, with a diversified and flexible portfolio that can easily adapt to market cycles.
