Dom Development (DOM) Q3 2024 earnings summary

Executive summary

• Achieved record quarterly net sales of 1,156 units, up 7% year-over-year, and delivered 598 units, a 12% increase year-over-year.

• Net profit for Q3 2024 reached PLN 65 million, a 72% year-over-year increase, with gross margin at 31.3%.

• Revenue for the nine months ended September 30, 2024, reached PLN 1,174.8 million, up from PLN 875.5 million year-over-year.

• The company maintained stable operations, with all investments progressing on or ahead of schedule.

• The Warsaw market remains the primary area of activity, with additional projects in other major Polish cities via subsidiaries.

Financial highlights

• Q1-3 2024 revenue was PLN 1,852 million, up 16% year-over-year; net profit for the period was PLN 296 million, up 14%.

• Q3 2024 sales revenue was PLN 482.3 million, a 48% increase year-over-year; operating profit rose 79% to PLN 78.9 million.

• EPS for Q3 2024 was PLN 2.51, up 71% year-over-year.

• Gross profit from sales for the nine months was PLN 333.8 million, up from PLN 271.5 million year-over-year.

• Balance sheet assets exceeded PLN 5.2 billion, up 13% year-over-year.

Outlook and guidance

• Record revenue potential of PLN 4 billion from units sold but not yet delivered, supporting future earnings.

• Multiple new project handovers scheduled for Q4 2024 across Warsaw, Tri-City, Wroclaw, and Krakow.

• The company plans to continue expanding its residential offering in all operating cities, leveraging stabilized construction costs and strong demand.

• A dividend advance of PLN 6.00 per share (PLN 154.8 million) is planned for 2024, subject to auditor review.