The real estate developer Kaufman & Broad published an annual net profit of 60.2 million euros in 2023, up 22.7% compared to 2022, we learned on Thursday.
For its 2022-2023 financial year (lag of one month, from December to November), the group generated a turnover of 1.4 billion euros, up compared to 2022 (1.31 billion euros) and slightly in addition to forecasts of 1.5 billion.
The developer derives 68% of its revenue from the housing sector, and operates almost exclusively in extended areas, where housing needs are higher.
In 2023, around 5,300 housing units, mainly apartments, have been delivered, compared to 6,200 last year.
The decline in housing reservations in volume stood at 14.2%, compared to an estimated decline of around 35% for reservations for the entire market, said CEO Nordine Hachemi, who noted a significant drop in housing production even though demand is still sustained and unsatisfied.
In value, these reservations amount to 1 billion euros, compared to 1.4 billion last year (-24.7%).
According to Mr. Hachemi, the crisis that the sector is going through is not only caused by the increase in interest rates but also the continued decline in the allocation of building permits since 2018 which has led to an increase in land costs, as well as ‘regulatory inflation and excessive taxation.
In terms of tertiary real estate, the group announces the submission of a building permit for an operation of more than 30,000 m2 of offices in Marseille, the future regional headquarters of EDF.
In 2024, Kaufman & Broad expects a rebalancing of the market and expects a turnover of 1.1 billion euros, the difference with 2023 being explained by the base effect of the Austerlitz operation, the major renovation project in the Austerlitz Paris train station district.
The group will offer its shareholders a dividend of 2.40 euros per share.