Fair value of investment property and participations at EUR 524 million as of 30.06.2023, an increase of EUR 29 million (6%) compared to 31.12.2022.
From the said net profit, the profit from adjustment of investment property at fair value amounted to EUR 19.5 million in H1 2023 compared to a profit of EUR 11.7 million in H1 2022 (an increase of 67%), demonstrating the progress of Noval Property’s projects under development and construction, the attractiveness of modern, high-quality, bioclimatic and environmentally sustainable commercial real estate in Greece, as well as the continuous active management of the company’s properties.
During H1 2023, Noval Property recorded rental income of EUR 13.8 million compared to EUR 12.2 million in H1 2022, demonstrating an increase of EUR 1.6 million (13%). This increase reflects the company’s focus on actively managing its properties through the execution of new lease agreements and the rental adjustments of existing lease contracts at more favourable commercial terms.
Earnings before interest, tax, depreciation, amortisation, and profit from fair value adjustment (adjusted EBITDA) for the period to 30.06.2023 amounted to EUR 7.5 million, compared to EUR 5.4 million during the corresponding period of 2022, demonstrating an increase of EUR 2.1 million (38%). This increase in the operational profitability stems from the above-mentioned increase in rental income combined with the further optimisation of the company’s operations.
As of 30.06.2023, cash amounted to EUR 79.5 million compared to EUR 88.3 million as of 31.12.2022.
The intrinsic book value (NAV) as of 30.06.2023 amounted to EUR 387 million or EUR 3.60 per share[2], while as of 31.12.2022 it stood at EUR 366 million or EUR 3.40 per share2, recording an increase of EUR 21 million, that is an increase of 6%.
