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MLP Group posts just under PLN 100m in net profit

MLP Group posts just under PLN 100m in net profit
MLP Group has released consolidated financial results for the first nine months of 2019, with revenue at PLN 102.2m and net profit at PLN 97.6m, up 237% year on year. Equity (net assets) rose 10.6% YTD, to PLN 902m. The total leased area grew by more than 30% year on year.

Our stellar results for the first nine months of the year confirm we are on track to record another successful year. There was a particularly strong demand for small and medium warehouse space during the reporting period. We are successfully continuing business expansion in Germany, with large projects being currently developed in Unna, Mönchengladbach/Schwalmtal and Berlin, and with a pipeline of further projects in Bochum, Koblenz and other German warehouse hubs. Our portfolio of high-quality, well-located warehouse assets is very attractive to tenants, as demonstrated by the low vacancy rates. Most of the buildings under construction have been pre-leased. We continue our expansion programme at a rapid pace, largely based on strong demand from e-commerce tenants – said Radosław T. Krochta, President of the Management Board of MLP Group S.A.

The developer of modern warehouse space generated revenue of PLN 102.2m for the first nine months of 2019, compared with PLN 105.7m in the same period last year. The Company earned PLN 152.2m in operating profit, almost two and a half times more than the operating profit of PLN 62.5m posted for the first nine months of 2018. Net profit improved by 237% year on year, to PLN 97.6m. At the end of September 2019, MLP Group’s equity (net assets) stood at PLN 902m, an increase of 10.6% over the end of 2018, while the value of its investment property rose 18.8%, to PLN 1.72bn.

The total leased area expanded by over 30% (LTM) at the end of September 2019. The development potential of the land held by the Company is in excess of 1.23m m2, which means the leased area may double in the future. The vacancy rate at the end of the third quarter was approximately 3%.

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