Commissioning of four housing projects and two office buildings, sale of 399 apartments and handing over 190 to the clients, start of rental process in the second Resi4Rent building in Wrocław and securing the purchase of attractive plots of land on which 4,000 apartments can be built – these are the highlights of Q1 2020 in Echo Investment. During this time, the Group generated over PLN 40 million net profit.
The Group enjoys a stable financial standing and maintains a high cash position: at the end of the first quarter it was over PLN 450 million. A 20 percent increase in the value of assets compared to the first quarter of 2019 also proves stable development. Currently, their value amounts to PLN 5 billion.
“We are pleased that the value of commercial and residential projects under construction and in preparation increased by 36 percent compared to the first quarter of 2019. This is in line with our ‘Strategy of Profitable Growth’ that includes strengthening our position as a stable and diversified leader in the development sector,” Maciej Drozd, CFO at Echo Investment, said.
In the first quarter of 2020, Echo Investment sold 399 apartments, compared to 352 in the corresponding period of 2019. Since the beginning of the year it has finished the projects: Widoki Mokotów in Warsaw, Osiedle Jarzębinowe VI in Łódź, Osiedle Jaśminowe IV in Poznań and Ogrody Graua in Wrocław.