Altareit: Half-Year Results Review June 30, 2024

On July 30, 2024, Altareit's board approved its consolidated financial statements for the first half-year of 2024. Despite numerous challenges including low-carbon urban transformation and environmental performance reporting, the company managed to navigate through successfully.

Altareit, a subsidiary of the Altarea Group, showed notable advancements in low-carbon initiatives. The firm's residential portfolio solidifies its position as the second-largest residential developer in France, while its business property arm demonstrates diversified competencies across various real estate sectors.

New ventures included the acquisition of Prejeance Industrial, enhancing Altarea’s capacity to develop photovoltaic installations. Financially, the company reported consolidated sales of €1,060.9 million, a 6% decrease from H1 2023. Operating income rose significantly by 73% to €29.0 million.

Altareit also introduced the “Le Nouveau Neuf” program, an innovative residential project aimed at improving purchasing power through affordable, low-carbon housing solutions. The initiative underscores the firm’s commitment to sustainable urban redevelopment.

Available cash stood at €1,465 million as of June 30, 2024. Meanwhile, the company's gearing ratio increased to 0.42x. Altareit continues to meet all financial covenants, reinforcing its stable financial health.