Inea: asset value increased in 2023

(CercleFinance.com) - Inea announced on Wednesday that it had achieved solid operating growth in 2023 and maintained the value of its portfolio, a performance described as unique in the "chaotic" sector of listed office property companies.


The SIIC reports that its consolidated gross rental income rose by 15.5% last year to 67.5 million euros, mainly due to the entry into operation of new buildings.

On a like-for-like basis, net rental income rose by a further 8.7%, thanks in particular to indexation and improved occupancy rates.

Gross operating income (EBITDA) grew by 23%, outstripping rental income thanks to tight control of operating costs.

As a result, recurring net income (RNR) rose by 4% to ?25.4 million over the past year.

From Inea's point of view, the highlight of the 2023 financial year remains the resilience of the value of its property assets, which increased by ?0.4 million on a like-for-like basis, despite the rise in interest rates.

The company claims to be the only property company to post growth in the value of its total assets, which stood at ?1.266 million at the end of 2023, compared with 1,224 million twelve months earlier.

The company plans to offer shareholders a stable dividend of 2.70 euros per share, giving a yield of 7.1% on the December 31, 2023 share price.

Listed on the Paris Bourse, Inea's share price was little changed (+0.5%) on Wednesday following all these announcements.

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