(News Bulletin 247) – Argan announced last night that it had recorded an “excellent” first half and slightly raised its rental income target for 2023.
The specialist in the development and rental of ‘premium’ warehouses indicates that it generated rental income up 11% to 90.9 million euros over the first six months of the year.
The group explains this increase by the effect of last year’s developments, but also by the revision of rents at the start of the year (+4% on average).
The real estate company, which says it benefits from a strong commercial dynamic offering it “very good visibility” on its growth and its future income, has revised upwards its rental income target for 2023, now expected at 183 million euros against 182 million initially.
In a reaction note, analysts at Invest Securities said they did not identify elements in the publication that could change their perception of the resilience of the company’s model.
‘Development ambitions should enable Argan to post respectable levels of growth over the 2023 and 2024 financial years’, they point out.
Argan expects to publish its half-year results on July 19.
On the stock market, the Argan share showed only a small increase of around 0.6% following these announcements.
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