Murapol (MUR) Q4 2024 earnings summary

Executive summary

• Revenues exceeded PLN 1.3 billion in 2024, up 9.4% year-over-year, with net profit rising 10.4% to PLN 242 million.

• Combined sales reached 3,862 units (2,914 R4S, 948 PRS), growing despite a 31% market decline in major cities.

• 2,915 units handed over in retail, 670 in PRS; 3,911 units introduced to the offer, ending the year with 4,618 units available.

• Portfolio under construction: 7,756 units; landbank capacity for 19,344 units, among the largest in Poland.

• Dividends paid in 2024 totaled PLN 200.3 million.

Financial highlights

• Sales revenue grew 9% year-over-year to PLN 1,330.2 million; net profit increased 10% to PLN 242 million.

• Adjusted EBITDA reached PLN 348.5 million (+5% y/y); EBIT was PLN 293.6 million (+10% y/y).

• Net profit margin stood at 18.2%; adjusted EBITDA margin at 27.3%.

• 1st margin (GM1) in R4S segment at 39.8%; return on equity at 40.1%.

• Average net price per m² of units sold increased 8.1% to PLN 9,300.

Outlook and guidance

• 2025 retail sales expected at 3,100–3,300 units (+6–13% y/y); handovers of ~3,000 units, with ~2,000 in 2H 2025.

• Dividend policy maintained: at least 75% of consolidated net profit to be distributed, estimated at ~PLN 200 million in 2025.

• Planned expenditures on plots: PLN 200–300 million; PRS segment to maintain strong pipeline.