sitEX increases half-year profit
sitEx Properties Holding AG increased its profit to just under CHF 13 million in the first half of 2021. The real estate company has thus already achieved its overall goal for 2021. Around 90 percent of the profit was generated in the USA.
According to the semi-annual report of sitEX Properties Holding AG , the Schwyzer real estate company realized a net profit of CHF 12.973 million in the first half of 2021. In the same period of the previous year, 10.454 million francs had been booked. Around 90 percent of the profit in the reporting semester was generated with properties in the USA. The remaining 10 percent were contributed by properties in Switzerland.
"We can look back on nine successful months and are pleased that we have already achieved our liquidity and profitability targets for the 2021 financial year that we set in January", Beat Kähli is quoted in a communication from sitEX on the semi-annual report. Due to the continuing uncertainties in connection with the pandemic, the real estate company wants to "advance our projects cautiously and always realize profits when opportunities arise," said the CEO of sitEX.
In the reporting semester, sitEx initiated the sale of its majority stake in the American AVEX Homes to Stanley Martin Homes . The sale to the American subsidiary of the Japanese group Daiwa House is expected to bring in a profit of around 35 million dollars for sitEX. As part of the takeover, sitEX and Stanley Martin Homes have also agreed a strategic partnership.
In the semi-annual report, sitEX also provides an overview of a number of the real estate company's ongoing projects. In the largest project with a volume of around 3.5 billion dollars, an entire city in Volusia County in Florida is being realized. Construction work is scheduled to begin in the next six months.