Allreal posts record result
Allreal generated net income including revaluation effect of CHF 234.8 million in fiscal 2019, an increase of nearly 46%.
Excluding the revaluation effect, the company's net profit is CHF 134.6 million, up 16.45 from the previous year's figure of CHF 115.6 million, Allreal reports. The distribution is expected to increase by CHF 0.25 to CHF 6.75 per share, corresponding to a cash yield of 3.5%.
In the Real Estate Business Area, rental income reportedly increased by 9.6 million to 204.4 million, in particular as a result of acquisitions. The cumulative vacancy rate increased slightly by 0.2 percentage points toTP2.21T. Net yield in the area is put at 4.3%. The appreciation of the total portfolio was 139.1 million; the market value is now 4.38 billion.
In the general contracting business segment, earnings amounted to 66.3 million. This represents growth of more than a quarter compared with the previous year, Allreal said. The operating result (EBIT) of the general contracting business doubled year-on-year to 24.1 million.
The volume of projects handled reached a value of 340.7 million in the year under review. Of this, almost 80% was attributable to third-party projects and 20% to own projects. In the future, the share of own projects in the project volume handled is expected to increase, Allreal reports.
For the 2020 financial year, Allreal expects an operating result that will be below the record result of 2019 due to lower profits from the sale of development properties, but above that of the 2018 financial year. Furthermore, the real estate company announces that it will now report in accordance with Swiss GAAP FER (previously IFRS) from the 2020 financial year. This will simplify financial reporting while maintaining the same high level of transparency and informative value. (ah)
