Dimand's profits for 2024 reached €40 million
Dimand's profits for 2024 reached €40 million
  Listed  |  REIC  |  Economy  |  Greece

Dimand's profits for 2024 reached €40 million

Significant increase in the Group’s profit before tax attributable to its shareholders: c. €40.0 mn in 2024 vs €17.0 mn in 2023.
Share Copy Link
RE+D magazine
04.04.2025

The total estimated Gross Development Value (GDV), which includes 13 investment projects, amounted to €1,023.7 million, down from €1,194.9 million (with 20 investment projects) in 2023.

As of December 31, 2024, following the Group’s exits from projects, the total portfolio developed and managed by the Group (Assets under Management - AuM), through the Company, subsidiaries, and joint ventures, consisted of 13 projects in various stages of completion, in urban areas throughout Greece, with uses of offices, residences, logistics, residential and hotel complexes, as well as mixed uses. 

As of December 31, 2024, the total estimated gross development value (GDV) upon completion amounted to c. €1,023.7 mn (31.12.2023: 20 investment projects with a GDV of c. €1,194.9 mn). The fair value of the Group’s investment properties (incl. inventories) amounted on December 31, 2024, to €141.8 mn vs €167.5 mn as of December 31, 2023, and the fair value of the investments in joint ventures1 amounted on December 31, 2024, to €87.1 mn vs €53.2 mn as of December 31, 2023. 

Cash and cash equivalents as of December 31, 2024, amounted to €38.3 mn vs €12.4 mn as of December 31, 2023. As of December 31, 2024, net borrowings of the Group amounted to €33.6 mn (31.12.2023: €67.0 mn).

In fiscal year 2024, the Group and the Company continued the implementation of their investment plan, through addition as well as sale of properties and the undertaking of new service business. 

The most important events of 2024 were the following: 

  • The commencement of the Piraeus Tower’s operation. 
  • The transfer by Citrus S.M.S.A. (100% subsidiary) to the Black Sea Trade and Development Bank of a property, located on 26th October in Thessalonki, which will house the bank’s new headquarters, 
  • The transfer, as part of the strategic cooperation with Piraeus Bank, of the shares of Iovis S.A. (100% subsidiary), owner of a property at 30 Korai and 4 Stadiou str. in Athens, which (property), following its reconstruction by Dimand, will host the bank’s divisions. 
  • The transfer of 65% of the shares of Ourania Ependitiki S.A., owner of the first largescale, sustainable business park in Northern Greece located at 26th October str. in Thessaloniki. 
  • The transfer of the shares of Severdor Ltd (100% subsidiary), sole shareholder of Insignio S.M.S.A., owner of the new, state-of-the-art PWC office complex located at 65 Kifissias Avenue in Maroussi. 
In addition, the Group's participation in the Skyline investment scheme, one of the largest and most complex real estate transactions in Greece, was completed on 20.12.2024, through which the Company expands its activity to the exploitation of real estate, in collaboration with Alpha Bank, Premia Properties REIC and the European Bank for Reconstruction and Development (EBRD). 

As a result, in FY 2024 the Group recorded its strongest operating performance to date, with an increase in profit before tax attributable to the Company's shareholders by 135% from €17.0 mn in 2023 to c. €40.0 mn in 2024.