Instone Real Estate closes the first nine months of 2020 with a decline in sales from EUR 302 million to EUR 291 million. The profits of the real estate company from Essen have also fallen, which is justified with COVID-19 effects and investments in future growth. On an adjusted basis, Instone Real Estate reports earnings before interest and taxes of 50 million euros after 56.7 million euros in the same period of the previous year. The bottom line is that the company posted a profit decline from 43.4 million euros to 24.9 million euros. The free cash flow is estimated at a plus of 26.5 million euros – in the first nine months of last year the company was still in negative territory at 65.7 million euros.
“The demand for our products remains high. With the market launch of our innovative product in the area of affordable living space, we are opening up a new market with immense growth potential. By securing acquisitions and further growing our project portfolio, we have additionally strengthened the basis for developing this potential, ”says Kruno Crepulja, CEO of Instone Real Estate Group AG.
The forecasts are confirmed: Instone Real Estate expects sales between 470 million euros and 500 million euros for 2020 with a profit after tax of between 30 million euros and 35 million euros. In the coming year, the company is anticipating sales between EUR 0.95 billion and EUR 1.0 billion. After taxes, the profit should jump to at least 90 million euros. “The Management Board also intends to distribute around 30 percent of the adjusted earnings after taxes to shareholders as a dividend for the 2020 financial year for the first time in 2021,” said Instone.
Security data: Instone Real Estate
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Ticker symbol: INS
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