Metrovacesa increases income by 76% until March and will pay a dividend of 0.36 euros

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Metrovacesa has reported this Tuesday about some revenues worth 140 million euros in the first quarter of the year, compared to 79.5 million in the same period of 2023, which represents 76% more, according to the information sent to the National Securities Market Commission (CNMV). In addition, the company's General Shareholders' Meeting, held this Tuesday, has approved the payment of a dividend against reserves of 0.36 euros per share (54.6 million euros in total) for next May 23. Added to the one paid last December, it represents the payment of a total of 105 million euros charged to the cash flow generated in 2023, and a dividend yield of more than 8% annually. For its part, Ebitda has multiplied by four in the period, up to 17.9 million euros, while the Ebitda margin on sales has improved to 12.8%. Regarding housing deliveries, During the first quarter, 364 units were delivered, 10% more than in the first quarter of the previous year. Residential development income reached 136.4 million euros, 72.2% more than in the same period of the previous year, while the average sales price increased by 57%, to 375,000 euros, «as a consequence of the delivery of several premium developments (Málaga Towers in Málaga, Venere in Marbella or Villas de la Vega in Madrid)». The Commercial sales, or pre-sales, during the period reached 509 units, a figure 20% higher than that of the same period in 2023., and 17% higher than the last quarter of 2023. In fact, it is the highest quarterly figure in the last two years. «These good commercial figures reflect the fortaleza in housing demand in the first months of 2024, motivated by the stabilization of mortgage costs, the good performance of the labor market and the better expectations for the economy (there have been upward revisions in the GDP growth forecasts for Spain)», details the company. Regarding the activity of land sale, The company has recorded income amounting to 3.4 million euros, corresponding to the sale of four floors residential areas located in Almería, Murcia and Barcelona. Metrovacesa also has another additional 45 million euros in binding private contracts, most of which are expected to be accounted for before the end of the year. Regarding the company's investment activity, During the first quarter of the year, 30 million euros have been invested in land, both in the advancement of urbanization works in areas such as Palmas Altas in Seville or Los Cerros in Madrid, and in the acquisition of new land in «selective locations with strong demand for housing and a shortage of final land.» «We started the year with very positive data in this first quarter. Housing demand has remained solid, with absorption levels above the historical average and with significant growth in our income, gross margin and ebitda. This allows us to have excellent visibility to meet our objectives for this year and for the medium term, encouraged by the current wide coverage of future deliveries and a favorable macroeconomic context for the demand for new housing,» he points out. Jorge Pérez de LezaCEO of Metrovacesa.