Nexity Announces Social Plan and Eliminates Dividend for Fiscal Year 2023 – February 28, 2024 at 7:07 pm.

PARIS (Agefi-Dow Jones)– Real estate developer Nexity indicated on Wednesday that it is suspending its dividend for the 2023 fiscal year and plans to implement a social plan, after publishing financial statements. Annual results have deteriorated rapidly. The weight of interest rates on housing demand.

During the previous financial year, Nexity generated a net profit of 19 million euros, which is 188 million euros in 2022.

Current operating income fell 33% to 246 million euros in 2023, and operating margin fell to 5.7%, from 7.8% in 2022.

For its part, turnover reached 4.27 billion euros, which is 9% less than in 2022.

Nexity issued a profit warning last July, indicating that it expects turnover for 2023, with international activities of 4.3 billion euros and resulting operating costs of 250 million euros.

For their part, analysts surveyed by FactSet expected an average turnover of 4.29 billion euros for 2023 and a current operating result of 243 million euros.

Regarding its outlook, Nexity expects a “positive operational result marking a financial low point” for 2024, before an “improvement in profitability” from 2025.

-Vincent Alsuar, Agefi-Dow Jones; 01 41 27 47 39; valsuar@agefi.fr Ed: LBO

Financial release from Nexity:

https://nexity.group/finance

Agefi-Dow Jones Financial News Wire

(END) Dow Jones Newswire

February 28, 2024 1:06 pm ET (18:06 GMT)