Develia (DVL) Q4 2024 earnings summary

Executive summary

• Achieved record sales in 2024 with 3,197 apartments sold, up 20% year-over-year; handovers reached 2,865 units, also a record high.

• Consolidated revenue grew 11% to PLN 1,789.5 million; net profit rose to PLN 379.1 million, up PLN 103.7 million from 2023.

• Launched 3,915 new units for sale and construction, a 37% increase over 2023; land bank at year-end was 13,562 units.

• Paid a dividend of PLN 226.1 million (PLN 0.50 per share) and released its third Sustainability Report.

• Unveiled 2024-2028 strategy targeting 4,500 annual flat sales by 2028 and further diversification.

Financial highlights

• Adjusted consolidated net profit (excluding revaluations) was PLN 352.8 million.

• ROE reached 19.1% in 2024, with adjusted ROE at 17.2%.

• Equity increased to PLN 1,717 million; net debt/equity ratio remained within industry benchmarks (0.20-0.40).

• Inventory value for land and development rose to PLN 2,689.1 million.

• Dividend payout ratio was 77.3%, with a dividend yield of 8.96%.

Outlook and guidance

• 2025 sales target: 3,100–3,300 units; delivery target: 2,900–3,100 units; new launches: 3,100–3,300 units.

• Long-term goal to reach 4,500 annual flat sales and 7–8% market share by 2028.

• Plans to maintain annual land acquisition/M&A budget above PLN 500 million and build a land bank for 15,800 units by 2028.

• Continued focus on ESG strategy, PRS, dormitory projects, and commercial asset disinvestment.