MLP Group posts second-quarter net profit of PLN 8m
MLP Group posted net profit of PLN 121m for the first half of 2020, including PLN 8m for the second quarter alone. The growth in net profit for the first half of the year was chiefly driven by a PLN 151m gain on property revaluation. Given the revaluation gain recognised in the first quarter of 2020 (PLN +171m), the second quarter alone saw net profit fall by approximately PLN 19m quarter on quarter. Despite that, the Group’s net profit for the period was positive. As at the end of June 2020, MLP Group’s equity (net assets) stood at PLN 1.05bn, representing an increase of 12% over the end of 2019. Investment property rose 20%, to PLN 2.16bn, in the first six months of the year.
In the first half of 2020, the Group had running projects with a total area of nearly 219,000 m2. Facilities with a total area of approximately 100,000 m2 were completed in MLP Pruszków II (45,500 m2), MLP Wrocław (21,400 m2), MLP Gliwice (8,800 m2), MLP Poznań West (11,700 m2) and MLP Bucharest (10,500 m2). Overall, the Group offered almost 700,000 m2 of finished modern warehouse space at the end of June 2020. Total leased area (including in projects under construction and in the pipeline) increased to 744,000 m2. As at the end of the first half of the year, 120,800 m2 of space was in the construction or pre-construction stage. Currently, the total development potential of the land held is close to 1.3m m2. 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 (including in Gelsenkirchen, Cologne, and Vienna).
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|