Dimand achieved a return to profitability as well as a 64% increase in the fair value of the Group’s investment properties and investments in joint ventures in 2023.
The total portfolio developed and managed by the Group (31.12.2023) includes 20 investment projects in various stages of completion, in urban areas throughout Greece, with uses of offices, logistics, residential and hotel complexes, luxury residences as well as mixed uses.
On 31.12.2023, the total estimated gross development value (GDV) upon completion amounted to approximately 1,194.9 million (31.12.2022: 19 investment projects with a GDV of 915.2 million euros).
The fair value of the Group’s real estate investments amounted on 31.12.2023 to 167.5 million compared to 97.0 million on 31.12.2022 and the fair value of joint venture investments to 53.2 million euros compared to 37.3 million euros (total 220.7 million against 134.3 million euros).
Dimand’s operating profit last year stood at 18.4 million euros from 7.1 million, earnings before interest, tax, depreciation and amortization (EBITDA) reached 19.2 million euros against 7.1 million, pre-tax profit at 17 million against losses of 5.1 million and the net results amounted to 13.2 million against losses of 7.8 million euros. However, the turnover was reduced (9.4 million against 10.6 million).
According to Dimand’s management, the positive results are expected to continue and be reinforced in 2024.
The iconic projects
In 2024, the Group looks forward to the development and operation of projects, such as the Piraeus Tower, the first “green” skyscraper in the country, the new flagship offices of PWC in Marousi, the first bioclimatic business park at the western gate of Thessaloniki and the commercial and office uses of the historic building of the former MINION department store in Omonia. The company also plans to expand its portfolio by acquiring important properties, always ensuring the best standards of environmental coverage for the buildings it develops.
