Peach Property posts record pre-tax profit
In 2021, Peach Property posted the highest pre-tax profit in the company's history at CHF 258 million. Peach Property's rental income and real estate portfolio value also increased year over year.
According to a statement from Peach Property , the Zurich-based real estate company, which specializes in real estate in Germany, posted a pre-tax profit of CHF 258 million in the 2021 financial year. This is the highest pre-tax profit in the company’s history, writes Peach Property. CHF 153 million was realized in the 2020 financial year.
The value of Peach Property’s real estate portfolio increased year-on-year from CHF 2.1 billion to over CHF 2.6 billion. Rental income increased from CHF 54.7 million in 2020 to around CHF 108 million. With the help of a mandatory convertible bond issued in the year under review, the debt ratio was reduced from 57.8 to around 52 percent.
In the financial year, Peach Property was also able to improve all external ratings, the press release explains further. Moody’s currently rates the company at Ba2 with a stable outlook, while FitchRatings gave it a BB with a stable outlook. S&P Global Ratings rates Peach Property at BB- with a stable outlook.
“Our strategy and our business model have also proven to be outstanding in the 2021 financial year and we were able to close another year with very profitable growth,” Thomas Wolfensberger is quoted as saying in the press release. According to the CEO of Peach Property Group AG, the current financial year will primarily focus on “modernizing the residential portfolio and expanding sustainability activities”. Peach Property intends to invest around CHF 70 million in this.