(AOF) – Kaufman and Broad has unveiled its quarterly results with, at the end of the day, net income group share of 31.6 million euros against 11.8 million at the same time last year. Current operating income amounted to 49.6 million euros against 21 million. Turnover stands at 589.5 million euros against 279 million. The property developer’s gross margin amounted to €85.0 million, compared to €48.3 million over the same period in 2022. The gross margin rate was 14.5% compared to to 17.3% over the same period in 2022.
The Board of Directors of Kaufman & Broad SA will propose to the General Meeting of Shareholders of May 4, 2023 the payment of a dividend of 2.40 euros per share.
In addition, the group confirms all of its outlook for the whole of the 2023 financial year, announced at the end of January.
dSales should therefore be around 1.5 billion euros, the current operating income (ROC) rate should be around 8% and the group should have a positive net cash position.
AOF – LEARN MORE
Find out more about the real estate sector
A demand crisis
According to data from the Federation of Property 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 decline reached 10.2%, to 72,670 units.
Reservations are also plummeting due to the collapse of bulk sales to social landlords and institutional investors. As interest rates rise, institutional investors renegotiate or halt operations. First-time buyers are penalized by the rise in rates and the tightening of the Pinel system puts off some private investors.
Due to the sharp rise in construction costs, the REIT estimates that one out of six authorized operations is ultimately not carried out for economic reasons.
Faced with this, prices are still rising: the sale prices of new collective housing increased by 5.9% throughout France in the third quarter of 2022. Ile-de-France is an exception, with a drop of 0, 9%.