Property developer reduces profits to strengthen future investments
SitEX Properties Holding AG posted a net profit of around CHF 1.5 million in the first half of 2024. Development projects totalling CHF 5 billion should continue to generate profits for the Schwyz-based real estate company in the future.
SitEX Properties Holding AG generated gross sales of CHF 10.86 million in the first half of the year, the Schwyz-based property development company announced in a press release. In the same period last year, gross sales totalled 32.70 million Swiss francs. Net profit after tax fell from CHF 7.34 million to CHF 1.51 million in the same period.
“Over the past ten years, sitEX has been fortunate enough to achieve profitable half-year and annual results without exception,” CEO Beat Kähli is quoted as saying in the press release. However, the company, which specialises in real estate in Switzerland and the USA, is currently “in an investment phase, which is why only small profits could be achieved compared to previous years”. According to Kähli, sitEX currently has a development pipeline totalling more than CHF 5 billion. This “secures the basis for future sustainable profits”, according to the company boss.
In recent years, sitEX has distributed around CHF 60 million of its profits to shareholders. This year and next, however, the company intends to concentrate on repaying liabilities and investments, explains Christoph Stutz, Chairman of the Board of Directors of sitEX.