Lokum spreads its wings
ResidentialThe company, one of the largest developers operating on the residential market in Wrocław, is to launch its first two projects in Kraków this year. The company is currently extending the scale of its operations – the developer will have invested a total of PLN 129 mln on the purchase of land in Wrocław and Kraków in the first three quarters of the year. This will enable the company to build a total of over 2,900 apartments and is more than Lokum Deweloper has ever built in its history, according to Bartosz Kuźniar, the president of the company’s board. In the longer term Lokum Deweloper would also like to enter the Warsaw market, but it has not yet managed to secure plots in the capital city suitable for the company’s requirements and the profile of its operations.
“Our H1 financial and operating results reflect the growing scale of our operations. We are carrying out more and more projects, increasing our sales and thanks to this we are also increasing our revenue and profits. At the same time we are working on securing our continuous growth. Purchases of subsequent plots in Wrocław provide us with very good prospects for further development on this market. Projects in Kraków will allow us to copy the scale of our operations on a new market. Both or our projects in Kraków are to be marketed within this year,” said Bartosz Kuźniar.
In the first six months of 2016 Lokum Deweloper sold 308 apartments, 44 pct more than in the same period of the previous year. In H1 the company generated a net profit of PLN 15.3 mln (a y-o-y growth of 30 pct) and its revenue amounted to PLN 71 mln (a y-o-y growth of 79 pct). The developer is sticking to its current financial forecasts for this year, with a projected revenue of PLN 172.1 mln and a net profit of PLN 42.4 mln. In H2 2016 Lokum Deweloper plans to launch the sales for a total of 1,117 apartments in its Lokum Victoria and Lokum di Trevi projects in Wrocław as well as Lokum Siesta and Lokum Vista in Kraków.
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