(AOF) – In the red this morning, Kaufman & Broad shares are now stable at 27.10 euros in a declining market. The real estate developer revealed yesterday evening an improved 9-month performance thanks to the start of the major Parisian real estate project, A7/A8 d’Austerlitz. The real estate developer’s 9-month current operating profit increased by 35.8% to 86.4 million euros, showing a current operating profit rate of 8.0%, to be compared with 7.2% in 2022. is consistent with the annual guidance.
The company benefited from its strong growth. Turnover increased by 22.4% to 1.084 billion euros. “The Tertiary sector logically carries growth (x3.6) driven by the contribution of Austerlitz in the first quarter,” explains Icap Midcap.
“Kaufman & Broad continued to apply a rigorous strategy of adjustment to market conditions, consisting in particular of favoring block sales to institutional investors and maintaining a very high level of requirements in terms of pre-marketing rates “, explained Nordine Hachemi, CEO of the real estate group.
Good commercial resistance
On the commercial level, accommodation reservations in value amounted to 720.1 million euros (including tax) over 9 months, down 18.5%. In volume, they stand at 3,245 housing units in 2023, a decrease of 12.6%. Over the first nine months of 2023, the tertiary division recorded net reservations of 24.5 million euros (incl. tax) compared to 29.7 million euros (incl. tax) at the end of August 2022.
“In an extremely complicated market, the group is not escaping the downward trend but is still holding up much better than the market,” underlines TP Icap Midcap.
Building on its solid 9-month results, the real estate developer has confirmed its annual objectives. Turnover is expected to grow by 6 to 10% and reach between 1.39 billion euros and 1.45 billion euros. Kaufman & Broad is also targeting net profit, group share, to increase by around 20%, a current operating profit rate of around 8% and positive net cash flow of around 50 million euros.
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