Murapol (MUR) Q2 2024 earnings summary

Executive summary

• Sales of 1,438 units in 1H 2024, up 5.5% year-over-year, with handovers totaling 1,295 units and a diversified product line of 4,530 units on offer at June-end.

• Revenue for 1H 2024 was PLN 584.1 million, down from PLN 669.8 million year-over-year, mainly due to fewer handovers and lower PRS segment revenue.

• Net profit for the period was PLN 102.3 million, a 30% decrease year-over-year.

• Record 8,494 units under construction and landbank capacity for nearly 21,900 units across more than a dozen cities.

• Dividend of PLN 80.4 million was paid in May 2024.

Financial highlights

• Sales revenue for 1H 2024 was PLN 584.1m, down 12.8% year-over-year due to fewer handovers.

• EBITDA reached PLN 148.6m; net profit was PLN 102.3m.

• Average net price per m² of units sold increased by 17.3% year-over-year to PLN 9,400.

• Gross sales margin declined to 30.4% from 34.0% in 1H 2023.

• Basic and diluted EPS for the six months was PLN 2.50, down from PLN 3.59 year-over-year.

Outlook and guidance

• Sales target for FY 2024 is a 10% increase over FY 2023 (2,889 units), with handover target maintained.

• Planned dividend distribution of at least PLN 200m in 2024.

• Management sees no material uncertainties regarding going concern and has not identified significant negative market impacts on sales.

• Future revenue from signed residential contracts as of 30 June 2024 is PLN 1,045.97 million, to be recognized upon project completion.