Novavest increases rental income in 2022
Rental income of the real estate company increased to CHF 29.2 million. However, the operating result at EBIT level is below the previous year's figure.
Novavest Real Estate is satisfied with the course of the financial year 2022 in view of the difficult environment. The real estate company announced the presentation of its first preliminary figures for the financial year, stating that it had achieved "a pleasing result, with a lower revaluation gain than in the previous year, as expected".
The value of the property portfolio increased by around 10% to CHF 811.8 million (Dec. 31, 2021: CHF 741.3 million) due to acquisitions, investments in existing properties and in new construction projects as well as positive revaluation effects, Novavest said. The residential portion of the portfolio amounted to 61% of target rental income at year-end 2022, it said. Rental income reached CHF29.2 million, up nine percent from CHF26.7 million a year earlier, it said.
Income from revaluation falls sharply
Income from revaluation is significantly lower in 2022 at CHF 11.9 million than in the previous year at CHF 21.8 million. Earnings before interest and taxes (EBIT) will fall from CHF 39.1 million to CHF 30.7 million. Novavest expects a profit including revaluation gains of CHF 22.4 million - a decline of almost seven million compared to the previous year (29.3 million). In contrast, profit excluding revaluation gains will rise from CHF 11.7 million to CHF 12.7 million, Novavest said.
The 2022 Annual Report and other fiscal year details are scheduled to be released on February 22, 2023. (ah)
