Tingsvalvet Fastighets (TINGS) Q4 2024 earnings summary

Executive summary

• Revenue increased by 19.2% to SEK 157.1m for 2024, with net operating income up 17.5% to SEK 123.9m compared to the previous year.

• Property portfolio expanded to 56 properties, with SEK 568m in acquisitions and a total value of SEK 2,433m, up 30.4% year-over-year.

• Net profit after tax reached SEK 47.2m (SEK -0.9m last year), driven by positive property revaluations and stable rental income.

• High occupancy rate at 96.5% and a diversified tenant base with 157 contracts.

Financial highlights

• Operating profit before value changes and tax (management result) was SEK 46.1m, nearly unchanged from SEK 46.2m last year.

• Earnings per share improved to SEK 1.63 from SEK -0.91 year-over-year.

• Equity per share at year-end was SEK 39.56, with a long-term net asset value of SEK 42.63 per share.

• Loan-to-value ratio increased to 56.3% (from 55.1%), and equity ratio decreased to 38.6% (from 41.6%).

• Cash flow from operations was SEK 60.6m, with year-end cash at SEK 57.8m.

Outlook and guidance

• Management expects improved earnings in 2025 as recent acquisitions and lower interest rates take effect.

• Theoretical management earnings for the coming year estimated at just over SEK 71m.

• Board proposes a dividend of SEK 24 per preference share, paid in 12 monthly installments; no dividend for common shares.