Office Rental Income Increases by 42% Compared to June 2023
At the end of the first half of the year, Bravo Property Fund ADIC reported total operational income amounting to 3.322 million BGN. This information is based on the financial report for the second quarter, published in the Investor.bg newsletter.
Compared to the revenues recorded at the end of the first half of 2023, the company demonstrates a growth of 60%. However, operational expenses have doubled, reaching 2 million BGN as of June 30, 2024. The most significant increases were seen in expenses related to the remuneration of the servicing company, governmental and regulatory fees, and maintenance costs.
Net Profit Decline
The company’s net profit for the period amounts to 1.322 million BGN, down from 5.331 million BGN reported at the end of June 2023. This substantial difference is primarily due to the 4.252 million BGN income from the revaluation of investment properties reported during the 2023 period.
Asset and Equity Overview
At the end of the first six months of the year, the total asset value of the company stands at 70.149 million BGN, while the equity is nearly 43 million BGN.
Yearly Rental Income Growth
On an annual basis, rental income from office spaces has increased by over 42% compared to June 30, 2023, rising from 1.905 million BGN to 2.713 million BGN.
Occupancy and Lease Agreements
By the end of the half-year period, the company reported an occupancy rate of 92.33% for its investment properties, having established long-term contracts with five tenants, as indicated in the Bravo Property Fund report.
Stock Performance
The shares of the company have appreciated by 17% over the last year, with a market capitalization amounting to 40.370 million BGN.
