Graphisoft Park Earnings Rise 24% in 2022
Image by graphisoftpark.com
Net profit of Graphisoft Park, which owns and operates a business park in the north of Budapest, rose 24% to EUR 6,021,000 last year, the company said in an earnings report released after the closing bell on Tuesday, according to a report by state news wire MTI.
Graphisoft Park noted earnings were more than EUR 400,000 over guidance issued in November as higher-than-expected European price indices lifted revenue from indexed rents.
Rental revenue rose 6% to EUR 15,538,000. Graphisoft Park's occupancy rate reached 97% in Q4.
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 plans to propose payment of a EUR 5.4 mln dividend, or EUR 0.54 per share, on last year's earnings.
The estimated fair value of Graphisoft Park's real estate portfolio stood at EUR 230,865,000 at the end of December.
Graphisoft Park targets rental revenue of EUR 16.3 mln and a net profit of EUR 6.3 mln for 2023.
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