- 56 % net profit increase, compared to the same period the last year, reaching 36.04 million lei
- 33% turnover raise, compared to T3 2020, amounting 109.43 million lei
- In the first three quarters of the year, Forty Management sold and pre-sold 209 apartments and 222 parking places
Forty Management SA, one of the main real estate developers of mixed-use and urban reconversion projects in Romania, reported a consolidated turnover of 109.43 million lei, for the first nine months of 2021, a 76.33% increase compared to the similar period of 2020, and 36.04 million lei net profit, according to the quarterly financial report of Forty Management SA.
“The net margin in residential properties sales reached 36.18% in T3 2021, while the loan to value indicator decreased by half to 22.64%, on September 30, 2021. The total sales increased, we sold Central District 4 Elemente entirely and 90% of the Central District Viitorului 134, nine months before the completion of this project. The fact that our major project, Central District Lagoon City, is off to a great start sets excellent premises for a high performance in the years to come,” said Gabriel Voinea, CFO of Forty Management.
The EBITDA indicator increased by 36.4%, reaching 39.83 million lei. At the end of the third quarter of 2021, the company registers a gross profit of 43.14 million lei, including the positive impact of the assets’ revaluation.
During the first nine months, Forty Management sold and pre-sold 209 apartments and 222 parking places.
“The financial indicators confirm the company’s position on the market and stand for a solid base
for the projects to come in the near future. Forty Management, through Central District commercial brand, will go on strengthening its position on the segment of residential and mixed-use premium developments, enforcing the series of innovative real estate projects. Central District Lagoon City is the next one to follow, the first carbon neutral urban development project in Eastern Europe, with a concept we have just finished, and construction works to start next year. Central District Royal Suites is another exceptional project we are now preparing, a 122 m high tower with exclusive apartments, the first real estate project in Bucharest endowed with a public art gallery, facades ventilated by solar panels and an uninterrupted view of 270 degrees for each apartment,” says Lucian Azoiței (photo), CEO Forty Management.
Forty Management portfolio includes a total land area of 43,000 sqm, where the company plans to build new residential projects covering over 138,000 sqm area, with a market value exceeding EUR 310 million. The new projects are now in the process of getting the construction work authorisation.
The company portfolio includes Central District Cuza 99, Central District 4 Elements, Central District Future 134, Central District Lagoon City and Central District Royal Suites, projects that are fully completed or under development.
The company was founded by Lucian Azoiței and Tudor Bădițescu. Currently, Azoiței family holds 88.5% of the shares and Tudor Bădițescu, 11.5%.