MLP Group, a developer of modern warehouse space, generated PLN 67.5m in revenue for the first half of 2019, 4.1% more than in the same period last year. Excluding the one-off effect of a property development contract, revenue grew 13%.
The Group earned PLN 93.3m in operating profit, up 30.4% year on year (from PLN 71.6m), delivering more than twofold growth in net profit, from PLN 31.5m a year ago to PLN 69.2m. At the end of June 2019, MLP Group’s equity (net assets) stood at PLN 877.2m, an increase of 7.6% over the end of 2018, while the value of its investment properties rose 12.9%, to PLN 1.63bn.
“The first half of this year was very successful for us in terms of both our financial performance and operations. Particularly worthy of note was the rapid expansion of our business in Germany. We signed a long-term lease contract with L-Shop Team for 56,000 m2 of space at MLP Unna, and we bought land to build a new logistics park near Berlin.
We also signed a letter of intent to purchase a property in Mönchengladbach for a project with a target area of 55,000 m2, we entered into reservation agreements to purchase plots of land designated for development near Cologne and Koblenz, and we are increasing leased out space in Romania,” notes Radosław T. Krochta, President of the Management Board of MLP Group S.A.
