Mobimo increases dividend
Mobimo's 2024 financial year was characterized by stable income and a significantly higher profit. The company has also announced a prominent candidate for a seat on the Board of Directors.
Mobimo generated an operating result (EBIT) excluding revaluation of CHF 128.4 million in the 2024 financial year, slightly exceeding the previous year's figure (CHF 127.0 million). Including revaluation, the figure increased very significantly from CHF 77.0 million to CHF 171.5 million. Earnings per share improved from CHF 6.43 to CHF 17.26. On this basis, the Board of Directors intends to increase the dividend from CHF 10.00 to CHF 10.25 per share. According to Mobimo, rising rents were the main reason for the improvement in the valuation result from CHF -50.0 million to CHF +43.1 million. The total value of the real estate portfolio increased to CHF 3.8 billion at the end of 2024 (previous year: CHF 3.6 billion).
Income from developments and sales promotion improved by 21.4% to CHF 33.0 million. Rental income remained stable at CHF 145.0 million despite the sale of properties and the absence of special effects from the previous year. The portfolio was streamlined through the sale of the Rue de Malatrex property in Geneva and the Ziil-Center in Kreuzlingen. The company acquired an existing development with 41 apartments. In addition, ownership of the approximately 11,000 sqm RAD site near Zurich Oerlikon railroad station was transferred in December 2024.
Change in the Board of Directors
As announced last year, BoD Vice Chairman Brian Fischer is not standing for re-election. Lukas Brosi will now be proposed to the Annual General Meeting as his successor. He has been CEO of Flughafen Zürich AG since May 2023 and was previously CFO of the company, among other positions.
Lower rental income expected
Mobimo expects rental income for the current financial year to be slightly below the previous year's level due to the sales in 2024. The expected reduction in the reference interest rate in the residential sector will also contribute to this development. Rental income is expected to increase again from 2026 due to completions. Condominium projects should ensure that income from development and sales in 2025 will be above the 2024 level and above the target of more than CHF 20 million on a multi-year average. (aw)
