Mobimo significantly increases profit in the first half of 2024
Mobimo Holding AG / Key word(s): Half Year Results/Real Estate Ad hoc announcement pursuant to Art. 53 LR Mobimo significantly increases profit in the first half of 2024
Lucerne, 2 August 2024 – For Mobimo, the first half of 2024 was distinguished by positive market dynamics. Receding inflation and lower interest rates led to greater optimism on the real estate market and Mobimo’s operational business developed very solidly. The consistently strong letting activity and a greater contribution from the development and trading business resulted in a good half-year result overall. For the second half of the year, Mobimo remains confident that it will be able to reach the targets and expectations for 2024 communicated at the beginning of the year. The operating result (EBIT) came in at CHF 83.3 million including revaluation in the first half of 2024 (prior year: CHF 50.8 million) or CHF 61.3 million (prior year: CHF 60.1 million) excluding revaluation. Thanks to a profit from the sale of the non-consolidated equity investment in Parking Saint-François SA in Lausanne, total profit increased by 91.5% to CHF 65.6 million including revaluation (prior year: CHF 34.3 million) or CHF 47.8 million (prior year: CHF 43.1 million) excluding revaluation. The gradual expansion of rental income is one of the key pillars of Mobimo’s strategy. Attractive marketing in first-time letting and consistent market-oriented property management of new and existing tenant leases both boosted rental income and kept vacancy rates low. In the first half of the year, the company achieved prestigious letting successes in commercial space, which will contribute to the rental income in the second half of the year. In Mattenhof in Kriens, Mobimo entered into long-term rental agreements with ICT-Berufsbildung Zentralschweiz (IT training centre Central Switzerland) and a major health insurance company. The repositioning of our commercial property on Zurich’s Hardturmstrasse (Office Tower) is proceeding apace. The building appeals to tenants who know how to take advantage of the outstanding location and the iconic architecture. Mobimo is aiming for a tenant mix that is attractive over the long term, and discussions with a number of prospective tenants are ongoing. The Oberägeri, Lutisbachweg (Edenblick) project will include 90 condominium apartments across 10 buildings. The groundbreaking ceremony for the project was celebrated in late June, and it is characterised by its unobstructable view of the Ägerisee and the mountains. As at the reporting date, 65 apartments had already been sold or reserved. For the Aura project in Horgen, the apartments of the first of three buildings were handed over to the buyers in late May. Handovers will continue until late August. Milestones were reached in two other condominium projects in the reporting period. In the Burgmatt project in Merlischachen (canton of Schwyz), the Swiss Federal Supreme Court rejected the appeal against the building permission, after which construction started immediately. In total, there will be 79 apartments across 14 buildings. Marketing will commence in the course of 2024. As things presently stand, the project will be completed in late 2026. In the Feuerfalter project in Niederwangen near Köniz, pre-marketing for the 64 apartments began. Construction is scheduled to start in the third quarter of 2024. Mobimo is working with two other developers on Feuerfalter to create one of the first plus-energy districts in the canton of Berne. The development will produce more energy throughout the year that it consumes itself. Following a slight revival in the second half of 2023, transaction activities in the real estate market increased further in the first half of 2024. Through portfolio adjustments and targeted capital recycling, the Geneva, Rue de Malatrex 30 property was sold to private investors. In July, and thus after the reporting date, Mobimo purchased a development in Dielsdorf with six buildings and a total of 41 apartments from an institutional investor. Mobimo sees a wealth of development potential in this property, just outside the city of Zurich. As at 1 July 2024, Mobimo placed another green bond in the amount of CHF 150 million for a term of six years and an interest rate of 2.05%. The proceeds from the issuance will be used to finance sustainable projects under Mobimo’s Green bond Framework.
Detailed reporting: ›› You can see the 2024 Half-Year Report here. ›› Analysts and press conference on the 2024 half-year results:
Daniel Ducrey (CEO) and Jörg Brunner (CFO) will present the results (in German). The conference can be followed live as a web stream (audio only) via the following link (registration required). It will also be possible to ask questions online (including in English and French). 14 February 2025: Publication Annual Report 2024 31 March 2025: Annual General Meeting 2025 8 August 2025: Publication of 2025 half-year financial results
If you have any questions, please contact:
About Mobimo:
End of Inside Information |
1958507 02-Aug-2024 CET/CEST