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MLP Group’s revenue up 17% in Q1 2021

MLP Group’s revenue up 17% in Q1 2021
MLP Group has released its consolidated financial results for the first quarter of 2021, showing revenue of PLN 49.9m, up 17% year on year. Equity (net assets) rose 2% in the three months ended March 31st 2021, to PLN 1.23bn, with gross investment property having grown 6%, to PLN 2.48bn, and net profit coming in at PLN 16.1m vs PLN 112.6m the year before.

MLP Group continues growing at a vigorous pace across all its markets. Its strategic goal remains to expand the business in Poland, as well as on the German, Austrian and Romanian markets. A particular focus is placed by the Group on the development of urban logistics (small modules combining modern warehouse space with elegant office area fitted out to a high standard). In several years’ time, such assets should represent approximately 30%–40% of the property portfolio. In addition, MLP Group’s wide offering includes the construction of big-box and BTS facilities.

‘For us, the beginning of this year was another good period. The successive waves of the coronavirus pandemic did not seem to have any discernible impact on the Group’s financial condition. On the contrary, we posted a significant increase in revenue having delivered more modern warehouse space to tenants. We maintain a very high occupancy level across our portfolio, with the vacancy rate kept well under 10%. All the development projects on our markets are running as planned,’ said Radosław T. Krochta, President of the Management Board of MLP Group S.A.

The Group’s financial position remains very strong. In the first quarter of 2021, its net asset value (NAV) rose by 2%, to PLN 1.23bn, while the value of its investment property increased by 6%, to PLN 2.48bn. In the three months to March 31st 2021, the Group posted consolidated revenue of PLN 49.9m, which represented a 17% year-on-year increase. The Group earned PLN 36.7m in operating profit and PLN 16.1m in net profit (three months ended March 31st 2020: PLN 191.9m and PLN 112.6m, respectively). With the euro exchange rate stabilised in the first quarter of this year, the investment property revaluation, which was a factor significantly increasing last year’s results, became less relevant.

MLP Group’s total leased area at the end of March 2021 was just under 1 million sqm. The vacancy rate for both its existing facilities and those under construction or in the pipeline was 7%. In addition, the Group held a land bank with a target development area of more than 1.38 million sqm. MLP Group has also signed a number of reservation agreements to purchase new land for planned logistics parks in Poland, Germany and Austria.

‘In the coming periods, we want to strongly accelerate our investment projects on the German and Austrian markets. We are currently completing the construction of a warehouse park in Berlin, with projects under way in Unna, Niederrhein and Vienna. Our land bank is being expanded at a vigorous pace. We intend to purchase more plots in Gelsenkirchen, Berlin, Leipzig, Stuttgart and a second plot near Vienna. We expect that in two to three years the value of our assets in Poland and those in Western Europe will be similar. We thus want to offset our activity on the Polish market with the business in Germany – a market that is both mature and safe, while remaining Europe’s largest market for warehouse space. We will, of course, continue on a fast-growth path in Poland: still this year, we will purchase more plots in Wrocław, Poznań, Łódź and in the vicinity of Warsaw. Also this year, we are planning to purchase plots of land near Poland’s western border as there is strong interest in those locations from e-commerce companies serving customers in Western Europe,’ added Radosław T. Krochta.

In keeping with its build & hold strategy, MLP Group retains completed logistics parks in its portfolio and manages them independently. All projects undertaken by MLP Group are distinguished by very attractive locations of the logistics parks, application of built-to-suit solutions, and support given to tenants during the lease term.

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