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PSP Swiss Property: Strong Earnings

PSP Swiss Property: Strong Earnings

Tue, May 7th 2024

PSP Swiss Property starts 2024 with strong financial growth, surpassing expectations and raising its earnings forecast, promising a profitable year ahead.

KEYSTONE/Alessandro Della Bella

PSP Swiss Property has started 2024 with an increase in earnings and a promising profit hike in the first quarter. The company has upwardly revised its earnings forecast for the entire year.

In the first quarter, PSP’s real estate income surged by 10% to reach CHF 89.2 million, a result that outstripped analyst predictions. This robust income growth was matched by an equally strong rise in operating profit (EBITDA excluding gains/losses on real estate investments), which climbed to CHF 76.7 million.

Notably, net profit, excluding gains and losses on real estate investments, saw a modest rise of 0.6% to CHF 56.6 million. However, total net profit soared by 42% reaching CHF 81.0 million, primarily due to favorable portfolio revaluations.

Looking ahead, PSP has upgraded its financial outlook for 2024. The firm now targets an EBITDA, excluding real estate investment results, of CHF 300 million, compared to the earlier forecast of CHF 295 million.

This adjustment reflects a confident market stance despite a slight uptick in the average vacancy rate of PSP’s extensive CHF 9.6 billion real estate portfolio to 4.1%, from 3.6% at the end of the previous year.

©Keystone/SDA

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