Graphisoft Park Earnings Rise 31% in 2023

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Image by graphisoftpark.com

After-tax profit of Graphisoft Park, which owns and operates a business park in the north of Budapest, rose 31pc to EUR 7,860,000 in 2023, state news wire MTI writes, citing an earnings report released after the closing bell on Tuesday.

Rental revenue rose 8pc to EUR 16,850,000. Graphisoft Park noted that its occupancy rate had decreased from 97-98% to 95% by the end of the year, but said it was still "extremely favorable" considering the average for the capital.

The earnings are "pro forma" which show profit and loss according to the cost model and serve as the basis for Graphisoft Park's dividend. As the local form of a real estate investment trust (Reit), the company pays 90% of its pro forma earnings as dividends.

Graphisoft said its board planned to propose a dividend of EUR 7.1 mln on last year's earnings, around EUR 0.70 per share. The company noted the dividend would be paid in euros.

Graphisoft Park issued guidance for rental revenue of EUR 16.6m and net profit of EUR 7.1m for 2024.

The estimated fair value of Graphisoft Park's real estate portfolio stood at EUR 225,472,000 at the end of December.

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