In the second month of last year, the Western world as we know it was thrown off balance. The real estate market was not spared the effects of the war in Ukraine and became caught in a pricing trap due to a combination of factors. Inflation and rapidly rising interest rates caused demand for new housing to decline, while the media predicted a significant fall in property prices. However, this was offset by an unprecedented increase in the costs of construction materials, labour, energy, and financing. Naturally, these developments affected us as well. Despite these challenges, 2022 ranked among the most economically successful years in the company’s history and even surpassed the results achieved in 2021. The Group’s consolidated revenue increased year on year to CZK 2,185 million, while profit before tax rose to CZK 533 million. The results were driven primarily by the handover of new apartments and the completion of several construction contracts.
Residential development remained our primary focus in 2022. We completed the Bydlení Braník and Bydlení Skvrňany residential projects, both of which received recognition from industry experts immediately after completion. Alongside apartment sales, we also continued developing rental housing projects with our future portfolio in mind, including the Fragment rental housing project and the new Lihovar district.
All our projects follow the Developer of Different concept, which combines three principles that set our developments apart: architecture connected with art, technology, and sustainability.
A wide range of contracts delivered by our construction division for external investors also made a significant contribution to our financial results. These included, for example, the renovation of an apartment building on Jaselská Street in Prague, the refurbishment of the spa at Hotel Thermal, the construction of a pilot training hall in Náměšť nad Oslavou, and others.
As part of the annual report, we also introduced a new, more comprehensive ESG strategy, which will bring together the individual sustainability initiatives that we have implemented as a group to date.
