(News Bulletin 247) – Argan fell on the Paris Stock Exchange on Thursday morning following the publication of solid half-year results, but also marked by a downward revision in the value of its assets.
The real estate company, specializing in the rental of ‘premium’ logistics warehouses, recorded over the first six months of the year a recurring net income, group share, up 8% to 62.8 million euros.
However, taking into account the effect of the change in fair value of its portfolio, amounting to 332.6 million euros, due to the context of rising interest rates, the net income group share shows a loss of 267 million euros for the first six months of 2023.
The value of its delivered portfolio (excluding real estate assets under development) – which represented 3.52 million m2 as of June 30 – has indeed been revised downwards to now stand at 3.64 billion euros, against 3.85 billion at the end of 2022.
Argan – which says it has a ‘record’ pipeline of development projects valued at more than 300 million euros – has however revised its rental income target for 2023 upwards, now expected at 183 million euros against 166 million previously.
The company has also confirmed its strategic plan aimed at both ‘sustained’ growth over the 2023-2024 period accompanied by ‘strong’ structural debt reduction.
The title fell by 1.2% Thursday morning on the Paris Stock Exchange following this publication of results.
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