The Dimand group recorded a significant increase in profits in the first half of 2024, according to the financial results announced by the company.
Profits before taxes amounted to 15.9 million euros in the first half, compared to 10.2 million in the corresponding period last year. Earnings before interest, taxes, depreciation and amortization (EBITDA) totaled 17.3 million, compared to 11.1 in the first half of 2023, while net profit reached 13.8 million euros, from 8.1 million euros the corresponding period last year.
Its portfolio
On June 30, 2024, the total portfolio developed and managed by the Group (through the company, subsidiaries and joint ventures – AuM) included 16 investment projects in various stages of completion, in urban areas throughout Greece, with uses of offices, residences, logistics facilities, residential and hotel complexes, as well as mixed uses.
The total estimated gross development value (GDV) amounted to approximately 1.157 billion (31.12.2023: 20 investment projects with a GDV of 1.195 billion). The fair value of the Group’s real estate investments (incl. stocks) stood at 188.9 million euros, compared to 167.5 million at the end of the year, and the fair value of investments in joint ventures amounted to 57.3 million against 53.2 million last year. Cash and cash equivalents totaled 12.5 million euros versus 12.4 million euros. The group’s net borrowing amounted to 75.2 million euros at the end of June compared to 67.0 million euros on 31.12.2023.
Operational performance
During the first half of 2024, the group and the company proceeded with the implementation of their investment program, with the addition and sale of properties and the undertaking of new service projects. In the first half of 2024, the Piraeus Tower, the country’s first “green” skyscraper, began operation, a turnkey property transfer contract was signed in Thessaloniki by Citrus (100% subsidiary) to the Black Sea Trade and Development Bank, which will house the bank’s new offices and the transfer of the shares of Iovis A.E. to Piraeus Bank was completed, which owns a property on Stadiou and Korai streets in Athens, that will house the bank’s services following its reconstruction by the Company.
As a result, the group recorded a strong operating performance in the first half of 2024, with an increase in EBITDA of approximately 56% from 11.1 million euros in the first half of 2023 to 17.3 million euros in the first half of 2024.
