MLP Group posts just under PLN 130m in net profit
Active in the modern warehouse space construction segment, the Group earned PLN 140.0m in revenue in 2019, which is on a par with the figure posted last year. However, factoring in rental income, i.e. MLP Group’s main revenue stream from its core business, the Group reported growth of 14% year on year, supported by the placement in service of finished areas in the MLP Czeladź, MLP Pruszków II, MLP Lublin, MLP Poznań West and MLP Bucharest parks. At the same time, MLP Group earned PLN 180m in operating profit, up 19% year on year. This strong improvement was due to revaluation gains on investment property, which amounted to more than PLN 120m. Net profit improved by 40% year on year, to PLN 129.4m. At the end of 2019, MLP Group’s equity (net assets) stood at PLN 938.6m, an increase of 15.1% over the end of 2018, while the value of its investment property rose 25%, to PLN 1.81bn.
The area of the Group’s projects in the implementation phase and in the pipeline totalled 237,800 m2 in 2019, of which 74,900 m2 was completed. As a result, as at the end of 2019 the Group offered approximately 587,000 m2 of finished modern warehouse space. The vacancy rate was very low, at approximately 2.6%. Concurrently, the development potential of the land held by the Company is in excess of 1.3m m2, which means the leased area may double in the future. MLP Group owns land plots and has signed a number of reservation agreements to purchase new land for planned logistics parks in Poland, Germany and Austria.
Selected financial ratios (2019)
- Return on sales 92,4%
- Current ratio 1,43
- Debt ratio 54,7%
- Return on assets (ROA) 6,2%
- Return on equity (ROE) 13,8%
|MLP Group basic financial data (in million PLN)|
|in million PLN||2015||2016||2017||2018||2019|
|Gain on revaluation of investment property||19,7||58,3||8,6||88,7||120,8|
|Selling and administrative expenses||(42,9)||(54,7)||(56)||(78,9)||(77,7)|
|Total long term liabilities||403,7||435,1||569,2||762,4||971,1|
|Total short term liabilities||75,1||67,1||62,5||85,6||164,4|
|Total shares (pcs.)||18113255||18113255||18113255||18113255||18113255|