Mobimo posts profit growth
Lucerne - Mobimo Holding AG increased its operating result and profit in the first half of 2024 in comparison with the same period in the prior year. The development and trading business was the driving force behind this development. The real estate company also generated growth in terms of rental income.
In the first half of 2024, Mobimo Holding AG generated operating earnings at the level of EBIT including revaluation in the amount of 83.3 million Swiss francs, as the Lucerne-based real estate company writes in a press release. Year on year, this equates to growth of +63.9 percent. Excluding revaluation, EBIT rose from 60.1 million to 61.3 million Swiss francs. Mobimo puts this positive development down to consistently strong letting activity and a stronger development and trading business.
Total profit including revaluation came in at 65.6 million Swiss francs, reflecting an increase of +91.5 percent on the prior-year period. The reason for this development was a profit recorded from the sale of a non-consolidated equity investment in the Lausanne-based Parking Saint-Francois SA. Excluding revaluation, total profit rose from 43.1 million to 47.8 million Swiss francs.
At 62.5 million Swiss francs, rental income was down on the previous year by -3.0 percent. However, after excluding special effects attributable to the first half of 2023 in the amount of 3 million Swiss francs, net rental income actually grew by +2.5 percent, as Mobimo explains in the press release. Adjusted for this effect, the company was therefore able to report growth of +2.0 percent on a like-for-like basis.
As at the reporting date of June 30, the total value of the real estate portfolio amounted to 3.7 billion Swiss francs, as against 3.6 billion Swiss francs at year-end 2023. In July, Mobimo purchased a development in Dielsdorf in the canton of Zurich comprising six buildings and a total of 41 apartments from an institutional investor.
