Murapol (MUR) Q1 2024 earnings summary

Executive summary

• Achieved sales of 912 units in 1Q 2024, up 5.8% year-over-year, with a 10.5% increase in average sale price per unit.

• Net profit for Q1 2024 was PLN 61.1 million, down from PLN 101.0 million in Q1 2023.

• Handed over 752 units, with a 13.0% rise in average price of handed-over units; handovers declined 30.4% year-over-year due to project schedules.

• Maintained one of the largest and most diversified landbanks in Poland, supporting future growth.

• Listed on the Warsaw Stock Exchange, with a strong focus on affordable and affordable premium residential segments.

Financial highlights

• Sales revenue for 1Q 2024 was PLN 327.2m, down 24.7% year-over-year due to fewer handovers.

• Adjusted EBITDA reached PLN 86.7m; net profit was PLN 61.1m, a 39% decrease year-over-year.

• Net profit margin stood at 18.7%, and return on equity was 39.4%.

• EBIT margin was 22.7%, down from 28.0% in 1Q 2023.

• Cash and cash equivalents at PLN 406.3m as of 1Q 2024.

Outlook and guidance

• Strong demand expected to continue, with further growth anticipated after the launch of the "Credit to Start" program.

• Intention to distribute a minimum of PLN 200m in dividends in 2024, with PLN 80.4m already paid in May.

• Management sees no material uncertainties regarding the company’s ability to continue as a going concern for at least one year from the balance sheet date.

• A bond issuance program up to PLN 500 million was approved post-period, with no bonds issued as of the report date.