REVENUES IN 2021 ARE 140 MILLION EUROS, THE EXPECTED PROFIT OF “BELGRADE WATERFRONT” IS 25 MILLION EUROS
The revenues of the company “Belgrade Waterfront” in 2021 will amount to more than 140 million euros, and the estimated profit is expected to be over 25 million euros.
The basic income of the company “Belgrade Waterfront” comes from the sale of real estate, which has been making great progress over years. Three thousand apartments were recently sold, and nine projects with more than 2,000 housing units are currently under construction.
When it comes to revenues for 2020, which are lower compared to 2018 and 2019, it should be borne in mind that in 2020, one facility was completed, BW Magnolia, offering 110 apartments.
In 2018 and 2019, a higher total revenue of over 170 million euros was realized based on the completion of three significantly larger facilities – BW Residences, BW Vista and BW Parkview, with a total of 878 apartments.
Everything is about the dynamics of projects that have been planned and which have been proceeding according to plan for years. Revenues from the sale of real estate vary year by year and depend on the phases of the project, i.e., the moment when the facilities are completed and handed over.
This year, the company “Belgrade Waterfront” is completing three facilities with more than 600 housing units, and it is predicted that the company will generate revenues of over 140 million euros, or a profit of over 25 million euros, this year alone. Kula Belgrade and Galerija projects will be the dominant revenue generators from 2022 onwards.
As a reminder, “Galerija” is the largest regional shopping, entertainment, and gastronomic destination in the region, while “Kula” is the tallest building in the region and home to The St. Regis Belgrade and The Residences at The St. Regis Belgrade.
According to the official financial reports for 2020, the total business assets for all three companies – Belgrade Waterfront d.o.o., BW Kula d.o.o. and BW Galerija d.o.o. – amount to over 700 million euros. In 2020 alone, this amount was increased by almost 200 million euros.
Financial statements of the company Belgrade Waterfront d.o.o. clearly show a positive growth of over 11 million euros since the start of the project.
The company’s business plan is primarily developmental, so all free funds, i.e., retained earnings, are invested in the further development of projects.
Belgrade Waterfront is the largest construction site in the region, currently employing over 2,300 workers.
It is a project that completely changed a significant part of the city of Belgrade, which positioned the Serbian capital on the map of prestigious European locations and thanks to which local citizens and guests have a nicely arranged public space for quality leisure. This is a project that started the construction industry, and through which more than 100 million euros were paid to contractors and designers in just the first seven months of this year.
- Revenues for 2021: over 140 million euros
- Profit for 2021: over 25 million euros
- In 2021: Completion of more than 600 apartments
- 2,200 apartments under construction
- Currently, 2,300 workers are employed
- Value of business assets: more than 700 million euros