During Q3, we completed around 400 residential units and counting from the start of the year, we have completed and delivered a total of around 2,500 units. 2024 will be a record year for the company with around 3,600 completed residencies, all developed with quality and sustainability in focus, in accordance with the Swedish Green Building Council's silver certification or an equivalent.
Johan Tengelin, CEO Magnolia Bostad
"Work on strengthening the company's liquidity continued during the quarter, which led to the decision to sell the commercial property Hantverkshuset in Nacka, with residential building rights of around 21,000 sq.m of habitable GFA. At the same time, the gross profit was burdened with the effects linked to continued refining of the project portfolio and focusing operations on the metropolitan regions.
The Riksbank's interest rate cuts and statements about interest rate trends, create conditions for stability going forward, which is very positive and creates long-awaited relief for the housing market. Now that we have passed the peak of high interest rates, we can also see signs of an improved financing situation for the property segment of the bond market, where green bonds especially look set to increase further in future.
The better macroeconomic situation is reflected in an increasing willingness to invest among institutional investors and greater activity in the residential transaction market, which means that there are good opportunities for a recovery in housing production, especially in the metropolitan regions where the interest from investors and the need for new housing is greatest.
With a mature building rights portfolio that currently includes roughly 7,000 building rights with zoning plans in force and a strong local presence in Stockholm, Göteborg and Malmö, we are ready to start a number of new projects in the forthcoming quarters, and we look forward to continuing to contribute to the housing market by developing top-quality, efficient and sustainable housing projects in good locations and which offer good, secure, indoor and outdoor environments for the residents."
1 January-30 September 2024
- Net sales amounted to SEK 1,479 m (234).
- The operating loss was SEK 647 m (-416), of which SEK -84 m (-74) applies to changes in value of investment properties.
- The period's loss before tax was SEK 873 m (-618) and the loss after tax was SEK 856 m (-617).
1 July-30 September 2024
- Net sales amounted to SEK 148 m (76).
- The operating loss was SEK 99 m (-129), of which SEK 1 m (-49) applies to changes in value of investment properties.
- The period's loss before tax was SEK 165 m (-199) and the loss after tax was SEK 165 m (-195).
Events 1 July-30 September 2024
- Sold the commercial property Hantverkshuset in Nacka.
Events after the end of the period
- No significant events occurred after the end of the period.
For more information, please contact:
Johan Tengelin, CEO
johan.tengelin@magnoliabostad.se
Fredrik Westin, Deputy CEO & CFO
fredrik.westin@magnoliabostad.se
+46 72 720 00 06
This information is information that Magnolia Bostad AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2024-10-23 07:45 CEST.
About Magnolia Bostad
Magnolia Bostad AB, CIN 556797-7078, develops new residential properties, rental apartments, tenant-owned apartments, and community service properties in attractive locations in Sweden's growth areas and major cities. Housing is developed both for sale and self-management. Our work is based on a holistic approach where the operations are carried out in a way that promotes long-term, sustainable urban development. The company's bonds are listed on Nasdaq Stockholm. More information is available at www.magnoliabostad.se
