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Record Q1 for Ronson

Nathan North 16 May 2020

Nathan North

Deputy editor

+48 22 356 25 22
nathan@eurobuildcee.com

Nathan is responsible for the English section of the magazine. Nathan was born in Manchester in the UK and completed a master’s degree in philosophy at the University of London. As well being responsible for editing the English section of ‘Eurobuild CEE’ magazine, he also contributes news from around Central Europe and articles on the investment and industrial markets and on architecture. In his free time he likes playing piano, drawing and cooking.

POLAND Polish residential developer Ronson Development generated a net profit of PLN 29.4 mln in Q1 2020 – eight times higher than in the same period last year.

Ronson Development’s total revenue from sales in the first quarter amounted to PLN 167.2 mln, which was 2.5 times more than Q1 2019. The average gross margin on all residential projects in this period came to 27.4 pct – up on the figure of 19.6 pct for same period last year.

“In the first quarter of this year we delivered to our clients a record number of 387 units, including 234 units in the City Link III project in Warsaw’s Wola district, where the gross margin on sales reached nearly 39 pct. The gross profit on this project alone came to PLN 44.2 mln and the total gross profit on sales in this period was PLN 45.8 mln. This translated into a record high net profit of over PLN 29 mln. This result was not only several times higher than the profit earned in the first quarter of last year, but also higher than Ronson Development’s annual profits over the past few years,” claims Boaz Haim, the CEO of Ronson Development.

This year Ronson Development plans to complete the construction of six projects with a total of 701 apartments, 513 of which (worth a combined PLN 195.8 mln) were already sold before the end of Q1.

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