Aros Bostad’s interim report shows strong operating profit, very good sales, and increased production volume
The interim report for Aros Bostadsutveckling AB publ (”Aros Bostad”) shows a third quarter with high activity, acquisition of additional building rights and very strong sales. During the quarter, the production was started for another two development projects, and the business plan’s volume target for production was reached two years earlier than expected. Additionally, two development projects in Täby and Nacka were divested as rental projects.
Magnus Andersson, CEO Aros Bostad:
“We are delivering yet another very good quarter with strong operating profit and very good sales levels in a strong residential market. Through the additional two project starts, we have reached our target of 800 – 1,000 residential units in production, two years earlier than stated in the business plan. We see a great opportunity to continue our growth journey with additional residential projects on our own account.
The period January – September 2021
- According to the segment reporting, the net revenue amounted to 74 435 TSEK (37 442) and income from associated companies to 21 865 TSEK (32 172).
- According to the segment reporting, operating profit amounted to till 39 247 TSEK (27 240) and the operating margin was 52.7 procent (7.8). The profit for the period, according to segment reporting amounted to 37 120 TSEK (25 445).
- Operating income for the period, according to IFRS, was 104 266 TSEK (12 778) and profit before taxes was 45 574 TSEK (-42 115). Operating margin according to IFRS was 47.51 percent (neg). Revenue recognition according to IFRS is created at the time when the main part of the units has been handed over to customers. Handover and profit recognition, according to percentage of completion method, was done for Link Järva Krog during the first quarter, leading to essentially higher profit compared to the same period previous year.
- The number of sold units during the period amounts to 450 (168), the number of booked units amounts to 77 (76).
- The number of projects, including projects in associated companies, amounts to 30 (27), of which 8 (7) are in production. Two development projects have been completed during the period.
- A total of 77 percent (53) of the units in production are sold or booked.
This information is information that Aros Bostad is obliged to make public pursuant to the EU Market Abuse Regulation (EU 596/2014). The information in this press release has been made public through the agency of the responsible person set out above for publication at the time stated the Company's news distributor, Cision, at the publication of this press release
Financial information in English at https://arosbostad.se/investerare/in-english/
This disclosure contains information that Aros Bostadsutveckling AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 26-11-2021 07:00 CET.
For more information, please contact:
Magnus Andersson, CEO, e-mail: email@example.com, phone: +46 8 400 230 50
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About Aros Bostad
Aros Bostad is a residential developer within the Stockholm area focusing on developing modern, functional and sustainable residential housing in attractive geographical areas, with timeless choices of materials and designs. The Company acquires and develops land into building rights and subsequently into residential housing. With a long-term perspective and responsibility for the entire value chain, Aros Bostad creates a safe deal for home buyers as well as stable returns for the investors.
The Company was founded in 2006 and its primary geographical market is the greater Stockholm area and Uppsala. Aros Bostad had, as per Q3 2021, a total of 30 residential development projects in different stages of development corresponding to 4,600 units. Aros Bostad is listed on Nasdaq First North Growth Market. The Certified Adviser for Nasdaq First North Growth Market is Erik Penser Bank. Financial information is to be found at www.arosbostad.se/investerare