Murapol (MUR) Q3 2024 earnings summary

Executive summary

• Net profit for 1-3Q 2024 was PLN 131.4 million, down from PLN 189.1 million year-over-year.

• Sales in 1-3Q 2024 reached 2,084 units, up 0.4% year-over-year, despite a challenging market.

• November 2024 saw the sale of 948 PRS units under a PLN 262m framework agreement with AEREF VI.

• Dividend distribution for 2024 totals PLN 200.3m, with major payouts in May and November.

• Major new PRS cooperation agreements and construction contracts in Gdańsk were signed post-balance sheet.

Financial highlights

• Sales revenue for 1-3Q 2024 was PLN 786.3m, down 18.7% year-over-year.

• EBITDA reached PLN 193.2m; net profit was PLN 131.8m, a 30.6% decrease year-over-year.

• Average net price per m² of units sold increased by 12% year-over-year to PLN 9,300.

• Gross margin on sales was 29.9%, down 2.2pp from the previous year.

• Cash and cash equivalents increased to PLN 31.4 million from PLN 1.5 million at year-end 2023.

Outlook and guidance

• Additional units planned for introduction in 4Q 2024 in key cities including Warsaw, Gdańsk, and Katowice.

• Strong landbank and pipeline ensure business continuity for several years.

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

• Positive mid- to long-term prospects for the residential market due to housing shortages and rising purchasing power.