Mobimo massively increases profit in H1
Higher profits from projects and sales as well as a portfolio revaluation contributed to this. Mobimo also announced the departure of the Head of Portfolio & Transactions.
Mobimo increased its operating result (EBIT) from CHF 60.1 million in the first half of the previous year to CHF 61.3 million in the first half of 2024. Including revaluation, this represents an increase from CHF 50.8 million to CHF 83.3 million. Thanks to a gain from the sale of the non-consolidated stake in the parking operator Parking Saint-François SA in Lausanne, net profit including revaluation rose by CHF 91.5% to CHF 65.6 million.
Rental income fell from CHF 64.4 million to CHF 62.5 million as at the end of June. Adjusted for one-off effects from the first half of 2023 amounting to CHF 3 million, however, rental income rose by CHF 2.5%, according to the annual report. Mobimo puts the like-for-like growth in rents at 2.0%. There were also some notable letting successes for commercial space in the first half of the year. Income from developments and sales rose significantly, from CHF 9.0 million to CHF 12.9 million.
The aforementioned valuation gain amounted to 0.7% of the portfolio value, or CHF 22.0 million. In the prior-year period, a devaluation of CHF 9.3 million was recorded. The valuation reflects the brighter mood on the transaction market, Mobimo writes in the annual report. The value of the entire real estate portfolio increased from CHF 3.6 billion to CHF 3.7 billion.
One sale and one acquisition
The property at Rue de Malatrex 30 in Geneva, which was listed on the books at CHF 10.42 million, was sold during the period. The buyers of the residential property, which was built in 1951, are private investors, according to reports. After the end of the half-year period, Mobimo purchased a development in Dielsdorf with six buildings and a total of 41 apartments from an "institutional investor". The company sees "promising development potential" here.
Gerhard Demmelmair quits
Finally, Mobimo is communicating another personnel matter: Gerhard Demmelmair, Head of Portfolio & Transactions and member of the Executive Board, has decided to "leave Mobimo in the second half of the year to take up a new professional opportunity". The Board of Directors and Executive Board expressed their deep regret at his departure. The search for a suitable successor has been initiated, Mobimo writes. Demmelmair joined the company in 2020 from Swiss Life Asset Management AG. (aw)
