Aros Bostadsutveckling AB: Aros Bostad's Six Month Report for January-June 2021 shows continuous growth, listing of ordinary shares, strong sales and increased operating profit

Aros Bostadsutveckling AB publ ("Aros Bostad") has published the six month report for January to June 2021. For Aros Bostad, the reporting period contained high activity and good sales in a strong residential market. During the second quarter, the company listed its ordinary shares at OMX Nasdaq First North, thereby enabling a higher pace in the development of wholly-owned residential development projects. Further, additional building rights were acquired during the second quarter and two development projects were divested as rental apartment projects to institutional investors after the reporting period.

Magnus Andersson, CEO Aros Bostad:
"The divestment of the development projects shows the strength of Aros Bostad's building rights portfolio. We continuously evaluate the market and are able to act fast upon business opportunities as they come our way. In parallel to excellent project returns, we can accelerate the project development pace of our project portfolio and increase the number of residential units in production at an earlier stage."

The period January - June 2021
  • According to the segment reporting, the net revenue amounted to 50 586 TSEK (22 302) and income from associated companies to 15 750 TSEK (19 183). Total operating income amounted to 67 401 TSEK (42 959).
  • According to the segment reporting, operating profit amounted to 25 305 TSEK (12 598) and the operating margin was 50,0 percent (56,5). The profit for the period, according to segment reporting amounted to 23 921 TSEK (11 445).
  • Operating income for the period, according to IFRS, was 86 802 TSEK (5 953) and profit before taxes was 42 749 TSEK (-31 360). Operating margin according to IFRS was 51,1 percent (neg) and earnings per share was 1,31 SEK (-0,97). Revenue recognition according to IFRS is created at the time when the main part of the units has been handed over to the end customers. Handover and profit recognition, according to the percentage of completion method (segment reporting), was done for Link Järva Krog during the first quarter, leading to essentially higher profit compared to the same period previous year.
  • The number of sold units during the period amounts to 136 (65), the number of booked units amounts to 77 (59).
  • The number of projects, including projects in associated companies, amounts to 30 (23), of which 7 (7) are in production. The development project Nockebyn in Bromma has been completed during the period.
  • A total of 60 percent (40) of the units in production are sold or booked.  

This information is information that Aros Bostad is obliged to make public pursuant to the EU Market Abuse Regulation (EU 596/2014). The information in this press release has been made public through the agency of the responsible person set out above for publication at the time stated the Company's news distributor, Cision, at the publication of this press release

Financial information in English at https://arosbostad.se/investerare/in-english/

This disclosure contains information that Aros Bostadsutveckling AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 27-08-2021 07:00 CET.

Source: Cision

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