(AOF) – Kaufman et Broad unveiled its results for the first quarter of 2024, showing a net profit group share of 11 million euros compared to 31.6 million euros a year earlier for the same period. Ebit over the period amounted to 16.8 million euros compared to 49.6 million euros while the overall turnover stood at 228 million euros (excl. VAT), compared to 586 .5 million euros in the same period in 2023. The gross margin reached 45.9 million euros 85 million euros.
The board of directors of Kaufman & Broad SA will propose to the general meeting of shareholders on May 6, 2024 the payment of a dividend of 2.40 euros per share.
In terms of outlook, for the entire 2024 financial year, the group’s turnover should be around 1.1 billion euros, the difference compared to 2023 being explained by the base effect. of Operation Austerlitz. The current operating profit rate should be between 7% and 7.5%. The group should remain in a positive net cash position.
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A demand crisis
According to data from the Federation of Real Estate Developers (FPI), the figures for the third quarter of 2022 continue to be alarming. Sales of new collective housing fell by 12.4% over one year, to 19,006 units. Over the first nine months of 2022, the drop reached 10.2%, to 72,670 units.
Reservations are also plummeting due to the collapse of block sales to social landlords and institutional investors. With interest rates rising, institutional investors are renegotiating or halting operations. First-time buyers are penalized by the rise in rates and the tightening of the Pinel system puts off certain private investors.
Due to the sharp rise in construction costs, the FPI estimates that one in six authorized operations is ultimately not carried out for economic reasons.
Faced with this, prices are still rising: the sales prices of new collective housing increased by 5.9% across France in the third quarter of 2022. Ile-de-France is an exception, with a decrease of 0. 9%.