Heimar's profit more than quadruples on strong rental income

Real estate firm Heimar has announced a dramatic increase in its profits, reporting 4.6 billion Icelandic krónur (ISK) for the first six months of the year. This figure represents more than a fourfold jump from the 1.1 billion ISK earned during the same period last year, signaling a strong financial performance.

The company's revenue reached 8.7 billion ISK in the first half, with rental income accounting for a substantial 8.3 billion ISK. This rental income saw a significant 16.1% increase compared to the previous year. Even when adjusting for comparable properties, the real rental income grew by 3.1%.

Heimar's operational profit before valuation changes and depreciation, known as EBITDA, also saw a healthy rise of 14.6%, reaching 5.8 billion ISK. The company's investment properties were valued at 243 billion ISK at the end of the period, with interest-bearing debt at 146 billion ISK, resulting in an equity ratio of 32.1%.

Adding to its portfolio, Heimar acquired Silfursmári 12, a 2,700 square meter office and retail space, which is already fully leased. The company has also updated its full-year forecast, now projecting rental income between 16.85 and 17.2 billion ISK, with EBITDA expected to range from 12.05 to 12.4 billion ISK.

“

The company's operations are stable and the revenue base is solid. The occupancy rate remains high, at 96%, and 42% of rental income comes from public entities and listed companies. The focus on development and growth of core areas continues to strengthen the company's asset portfolio and revenue base for the long term.