Duna House: Significant Rise in Third Quarter Profits

Duna House Group continued its march in the third quarter of 2021: its quarterly revenue jumped to HUF 3.8 billion (+72% y/y) and its clean core EBITDA jumped to HUF 667 m (+47% y/y). The Group’s clean core proft after tax (PAT) rose by 54% to HUF 494 mn.

With an outstanding performance in the first three quarters, the Group has exceeded its full-year original clean core PAT plan by 20% and is expected to meet the 2022 targets of its 5-year business plan already this year, the executive sommary of the real estate group's Q3 report says.

In the third quarter of 2021, both brokerage segments grew significantly on a year-on-year basis, although the weaker seasonality of the summer months had a noticable impact. Real estate brokerage revenues increased by 20-30% and loan brokerage doubled. The outstanding market activity continues to reflect the effects of the changing demand due to COVID-19 and the emerging state family support programs in the Hungarian real estate market.

Poland, the growth engine of the Group, has become a significant profit generator. With a 30-50% increase in brokered real estate brokerage volumes and 144% growth in brokered loan volumes, it remains the Group's fastest growing country and is making an increasingly impressive contribution to the Group's results. In the last four quarters, it has generated a total EBITDA of HUF 760 million, of which HUF 284 million was generated in the last, seasonally weak quarter. Within the next two years, Polish EBITDA could exceed the Hungarian results.