Wing Group increased its revenue by 41% to HUF 130.26 billion in the first half of the year, primarily due to a higher volume of residential real estate project completions, the real estate development company has announced.
EBITDA (earnings before interest, taxes, depreciation, and amortization) rose by 23% to HUF 19.5 billion.
Losses from investments decreased from HUF 22.58 billion to HUF 19.54 billion over the course of a year. The loss stemmed primarily from the revaluation of investment properties to fair value, the company stated, adding that the loss resulting from market revaluations did not affect operating performance or cash-generating capacity.
The group’s total assets amounted to HUF 1,358 billion at the end of June, with nearly 63% of its assets located in Poland and Germany. The Group’s equity stood at HUF 256 billion at the end of the first half of the year, while total loans and bond liabilities amounted to HUF 775 billion, a decrease of 3%, or HUF 24 billion, compared to the end of last year.
Based on the first-half data, the implementation of the growth strategy has been successful, and new projects and acquisitions are laying the groundwork for growth in the coming years. The company is currently focusing on residential real estate developments, seeing this as the foundation for long-term growth, but it also considers its portfolio of commercial real estate to be a stable base. In addition to Hungary, the group has interests in Poland and Germany; thus, according to the announcement, it has more development and investment opportunities, while also viewing financial stability as an important consideration.
Wing is one of the leading real estate development and investment groups in the region; it is the majority owner of ECHO Investment, which is listed on the Warsaw Stock Exchange, as well as BAUWERT, one of Germany’s leading residential and commercial real estate developers. The company has a developed portfolio totaling 5.7 million square meters across three countries, according to the report.
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