Robyg (ROB2) Q2 2024 earnings summary

Executive summary

• Revenues for H1 2024 reached PLN 705 million, up from PLN 347.9 million year-over-year, with a strong cash position and operating cash flow of PLN 379 million (excluding new plot purchases).

• Net profit for the period was PLN 108.1 million, compared to PLN 88.6 million in the prior year.

• 722 units were presold (net after cancellations), and 1,099 units were recognized in revenues.

• Developer agreements signed totaled 1,249 (net after cancellations), with a total land bank of 15,989 units and 1,695 units currently on offer.

• The Group operates mainly in residential real estate development and sales across Warsaw, Tricity, Wrocław, and Poznań.

Financial highlights

• Revenues increased by 102.53% year-over-year to PLN 704.6 million in H1 2024.

• Gross profit on sales rose 59.84% year-over-year to PLN 158.8 million, while net profit grew 22.37% to PLN 107.3 million.

• Operating profit rose to PLN 114.4 million from PLN 111.7 million year-over-year.

• Cash and cash equivalents at period end were PLN 283.2 million, down from PLN 340.9 million at year-end 2023.

• Total assets stood at PLN 3.33 billion, with equity at PLN 1.60 billion as of June 30, 2024.

Outlook and guidance

• Strategic goals include residential sales of approximately 2,300 units in 2024, increasing sales and margins in future years, and expanding activities in Wrocław, Tricity, and Łódź.

• Plans to expand the land bank and realize ESG strategy.

• No seasonality effects are expected to impact results.