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One United Properties posts a consolidated turnover of 306.6 million euros and a gross profit of 105.9 million euros in 2023

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BUCHAREST, Romania, Feb. 27, 2024 /PRNewswire/ — One United Properties (BVB: ONE), the leading green developer of residential, mixed-use and office real estate in Romania, posts a preliminary consolidated turnover of 306.6 million euros for 2023, a 30% increase compared to 2022. The gross profit reached 105.9 million euros, a 9% increase excluding the one-off gain from Bucur Obor’s bargain purchase of 19.1 million euros recognized in 2022. The net profit amounted to 89.6 million euros, an increase of 8% compared to 2022, excluding the one-off. 

“Last year presented numerous challenges for the real estate sector globally, yet One United Properties thrived, as evidenced by our record number of deliveries and the high pre-sales level at the developments currently under construction. Our revenue recognition policy ensures that our residential sales are not merely instant gains but unfold into long-term profitability as we progress through the construction phases. This strategic approach, underpinned by our commitment to securing a minimum of 35% profit margin across all developments, is a testament to our robust investment potential. Despite the industry’s hurdles, we maintained our loan-to-value ratio at 28%, significantly below the European real estate average of 50%. Our ability to sustain such low leverage throughout 2023 while expanding our portfolio is a clear indicator of our operational efficiency, strong balance sheet and prudent management, therefore setting excellent premises for 2024 as another year of sustained growth for our company,” said Victor Capitanu, co-CEO at One United Properties.

Revenues from the residential segment reached 226.9 million euros in 2023, a 45% year-on-year increase driven by a diverse residential offering. The value of residential sales, meaning the revenue recognized within the year for the sales made in prior years based on the level of the completion, is an absolute record for the Group, overpassing for the first time the 200 million euros mark within a single year.

At the level of sales and pre-sales of units, despite a 16%1 decrease in the number of residential sales in Bucharest in 2023, One United Properties defied market trends by increasing residential unit sales by 59% compared to 2022. The Group sold and pre-sold 953 apartments with a total surface of 80,757 sqm, as well as 1,584 parking spaces and other unit types, for a total of  274.9 million euros. By the end of 2023, 71% of the Group’s portfolio was sold and pre-sold, underlining a strong demand across all One United Properties developments. Based on the contracts signed with clients as of December 31st, 2023, One United Properties expects additional cash inflows of 295 million euros by 2025.

Nonetheless, the revenue and the profit of all sales made in 2023 are not fully reflected in the Group’s results for 2023 due to the revenue recognition applied by One United Properties. Consequently, the net margin of the residential segment reached 27.4% for 2023, a decrease vs 41.4% registered in 2022 as 3 new large-scale developments in the early stages of construction were added to the sales portfolio between Q4 2022 and Q3 2023, therefore temporarily affecting the net margin. The margin from residential sales is expected to continue increasing over the following years as these large-scale developments – One Lake Club, One High District and One Lake Club – progress. One United Properties targets a long-term margin of 35% across all its residential developments.

Rental income, including revenues from services to tenants, increased 62% to 25.9 million euros in 2023, driven by revenues from tenants at One Tower, One Cotroceni Park Office 1, One Victoriei Plaza, and Bucur Obor. One United Properties leased and pre-leased 34,200 sqm of office and retail spaces in 2023, an 8% year-on-year increase driven by the record agreement signed with Infineon Technologies for a 20,000 sqm turnkey office development. Additionally, One United Properties exited four rental properties in 2023, totalling 41.7 million euros, generating 5 times multiple on the capital invested, with IRR ranging between 30%+ to 60%+ per exit.

The Group closed 2023 with a strong cash position of 84.6 million euros, down 26% versus 2022, due to significant development activity carried out in 2023, with developments under construction amounting to more than 1.2 billion euros in gross development value as of yearend. In 2023, One United Properties completed 4 developments with a GDV of 350.4 million euros and managed 9 other construction sites with future developments of 4,241 units and over 15,000 sqm of commercial spaces. As a result, the combined value of projects completed and under construction exceeded 1.5 billion euros in 2023.

“In 2023, One United Properties didn’t just achieve record sales; we also significantly increased our development activity to meet the growing customer demand. With more than 21,000 people working on for our developments in Bucharest last year, we are not only improving the skyline of the city, but we also contribute and actively drive the growth of Bucharest economy. The total value of our developments under construction in 2023, which reached a staggering 1.5 billion euros in gross development value, showcases more than just an increase in our scale. It demonstrates our ability to effectively manage and execute multiple projects without compromising quality. This approach not only contributes to our financial achievements but also reinforces One United Properties’ reputation for reliability and timeliness, which is even more appreciated by clients in times of global economical and geopolitical uncertainties as the ones we experienced over the last two years,” said Andrei Diaconescu, co-CEO at One United Properties.

The gross loan-to-value ratio of One United Properties amounted to 28% as of the end of 2023, stable since 2022, proving solid financials and low leverage of the Group compared with the European peers. As of December 31st, 2023, net debt was 122 million euros, 12% of the total assets, which reached the historical value of 1 billion euros.

ONE UNITED PROPERTIES (BVB: ONE) is the leading green investor and developer of residential, mixed-use, and commercial real estate in Bucharest, Romania. One United Properties is an innovative company dedicated to accelerating the adoption of construction practices for safe, energy-efficient, sustainable, and healthy buildings, and has received numerous awards and recognitions for its superior sustainability, energy efficiency, and wellness. The company is publicly traded on the Bucharest Stock Exchange, and its shares are included in multiple indices such as BET, STOXX, MSCI, FTSE, ROTX and CEEplus.

1 Data for 2023 according to the Romanian National Cadastre and Real Estate Advertising Agency.

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ST Engineering iDirect and MBSat Partner to Build Next-Generation Sovereign Connectivity Services Across Oman and the Middle East

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2 hours ago

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October 25, 2026

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Intuition ground system selected to support MBSat’s planned 2027 service launch, enabling accelerated deployment, dynamic resource management and scalable service growth

HERNDON, Va., Oct. 25, 2026 /PRNewswire/ — ST Engineering iDirect today announced a strategic partnership with Mohammed Al Barwani Satellite Company (MBSat), part of Mohammed Al Barwani Group, to provide the ground system technology foundation for MBSat’s next-generation satellite gateway and network operations across Oman and the wider Middle East region. Intuition will provide a flexible, software-defined foundation to support sovereign connectivity services, enabling efficient service deployment, dynamic resource management and scalable network operations.

Intuition will deliver a turnkey ground segment solution that accelerates deployment, simplifies operations and gives MBSat the flexibility to scale services as demand grows. The software-defined platform enables dynamic resource management, service automation and seamless integration with existing and future operational systems. The solution also includes Ka-band gateway infrastructure, service provisioning and management capabilities, open API integration frameworks, training and full-lifecycle support. Together, these capabilities will help MBSat launch and operate services efficiently while adapting to evolving market requirements.

The network will leverage capacity from MB Sat-1, a sovereign MicroGEO satellite, with planned service launch in 2027, to support flexible, scalable connectivity services across the region.

The partnership reflects growing investment in sovereign communications infrastructure across the Middle East as operators seek greater control over service delivery, network expansion and long-term technology evolution.

“This partnership represents an important milestone in our efforts to build an advanced satellite communications platform in Oman and the region,” said Ammar Al Rawahi, General Manager, MBSat. “Through our collaboration with ST Engineering iDirect, we are establishing the technical infrastructure required to launch services efficiently, respond to evolving customer needs and expand into new markets, supporting the sustainable long-term growth of our business.”

“We are providing MBSat with a flexible, software-defined ground platform that integrates with its existing operational environment,” said Sridhar Kuppanna, Chief Executive Officer, ST Engineering iDirect. “This enables more efficient service deployment and operations today, with the flexibility to scale, introduce new capabilities and evolve as requirements change.”

About ST Engineering iDirect

ST Engineering iDirect, a subsidiary of ST Engineering, is a global leader in satellite communications, providing technology and solutions that enable its customers to expand their business, differentiate their services and optimize their networks. Through its portfolio of ground infrastructure, intelligent networking and advanced satellite communications solutions, the company supports operators, service providers, governments and enterprises worldwide.

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SOURCE ST Engineering iDirect

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ST Engineering iDirect and MBSat Partner to Build Next-Generation Sovereign Connectivity Services Across Oman and the Middle East

Published

2 hours ago

on

October 25, 2026

By

Intuition ground system selected to support MBSat’s planned 2027 service launch, enabling accelerated deployment, dynamic resource management and scalable service growth

HERNDON, Va., Oct. 25, 2026 /PRNewswire/ — ST Engineering iDirect today announced a strategic partnership with Mohammed Al Barwani Satellite Company (MBSat), part of Mohammed Al Barwani Group, to provide the ground system technology foundation for MBSat’s next-generation satellite gateway and network operations across Oman and the wider Middle East region. Intuition will provide a flexible, software-defined foundation to support sovereign connectivity services, enabling efficient service deployment, dynamic resource management and scalable network operations.

Intuition will deliver a turnkey ground segment solution that accelerates deployment, simplifies operations and gives MBSat the flexibility to scale services as demand grows. The software-defined platform enables dynamic resource management, service automation and seamless integration with existing and future operational systems. The solution also includes Ka-band gateway infrastructure, service provisioning and management capabilities, open API integration frameworks, training and full-lifecycle support. Together, these capabilities will help MBSat launch and operate services efficiently while adapting to evolving market requirements.

The network will leverage capacity from MB Sat-1, a sovereign MicroGEO satellite, with planned service launch in 2027, to support flexible, scalable connectivity services across the region.

The partnership reflects growing investment in sovereign communications infrastructure across the Middle East as operators seek greater control over service delivery, network expansion and long-term technology evolution.

“This partnership represents an important milestone in our efforts to build an advanced satellite communications platform in Oman and the region,” said Ammar Al Rawahi, General Manager, MBSat. “Through our collaboration with ST Engineering iDirect, we are establishing the technical infrastructure required to launch services efficiently, respond to evolving customer needs and expand into new markets, supporting the sustainable long-term growth of our business.”

“We are providing MBSat with a flexible, software-defined ground platform that integrates with its existing operational environment,” said Sridhar Kuppanna, Chief Executive Officer, ST Engineering iDirect. “This enables more efficient service deployment and operations today, with the flexibility to scale, introduce new capabilities and evolve as requirements change.”

About ST Engineering iDirect

ST Engineering iDirect, a subsidiary of ST Engineering, is a global leader in satellite communications, providing technology and solutions that enable its customers to expand their business, differentiate their services and optimize their networks. Through its portfolio of ground infrastructure, intelligent networking and advanced satellite communications solutions, the company supports operators, service providers, governments and enterprises worldwide.

View original content to download multimedia:https://www.prnewswire.com/news-releases/st-engineering-idirect-and-mbsat-partner-to-build-next-generation-sovereign-connectivity-services-across-oman-and-the-middle-east-302918467.html

SOURCE ST Engineering iDirect

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Global Security & Technology Summit Unveils Month-Long Program of Activities Ahead of December Event

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9 hours ago

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October 24, 2026

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RIYADH, Saudi Arabia, Oct. 24, 2026 /PRNewswire/ — The Organizing Committee of the Global Security & Technology Summit (GSTS) held an introductory session today at the Ministry of Interior’s headquarters in Riyadh, bringing together representatives from the government, private, and nonprofit sectors to introduce the program of activities leading up to the summit. The upcoming summit will be held in Riyadh under the patronage of HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, under the supervision of HRH Prince Abdulaziz bin Saud bin Naif bin Abdulaziz Al Saud, Minister of Interior, and organized by the Ministry of Interior in cooperation with Tuwaiq Academy.

During the session, the Organizing Committee presented the comprehensive GSTS program, comprising three key components: GSTS Month, running from November 1 to 30, 2026; the Global Security & Innovation Fair (SAIF), taking place from November 24 to 26, 2026; and the main Summit, scheduled for December 18 to 20, 2026, in Riyadh. Together, these events form an integrated program designed to advance security and technology innovation, strengthen national capabilities, and foster international cooperation.

GSTS Month will feature working groups, boot camps, training programs, knowledge-sharing sessions, and technical workshops across Saudi Arabia’s 13 administrative regions, delivered both in person and remotely in collaboration with specialized entities. The month-long program aims to develop national capabilities, identify emerging talent, enrich knowledge-sharing opportunities, and equip professionals with the knowledge and skills needed to develop innovative solutions to future security and technology challenges.

The main Summit will bring together global leaders, decision-makers, experts, and innovators to explore the future of security and technology, promote the integration of advanced technologies within the security sector, strengthen national capabilities, support innovation, and foster international cooperation, further positioning the Kingdom as a global hub for security and technology.

Showcasing the latest technological breakthroughs and security solutions, the summit will bring together government entities, private sector organizations, academic institutions, and research centers to facilitate knowledge exchange and collaboration across key fields, including cybersecurity, artificial intelligence (AI), the Internet of Things (IoT), smart security solutions, emerging technologies, and crisis management. The program will also feature main sessions, specialized discussions, and interactive exhibitions. Registration is available at gsts.sa.

Advisor to HRH the Minister of Interior and Chairman of the GSTS Organizing Committee, Ahmed Altowayan, stated that the summit builds on Saudi Arabia’s efforts to establish an advanced security and technology ecosystem focused on knowledge and innovation, keeping pace with rapid developments and future challenges.

Mr. Altowayan noted that the summit is a global platform for strengthening cooperation and exchanging expertise, anticipating future developments in security and technology, and developing strategic partnerships and innovative solutions that enhance the efficiency and readiness of security systems.

Vice Chairman of the GSTS Organizing Committee, Eng. Abdulaziz Alhammadi, said that the summit will offer a range of integrated programs and activities focused on enhancing national skills, encouraging innovation, and supporting international cooperation.

He added that GSTS Month will help build national capabilities, discover talent, and develop skills, with SAIF providing a platform for innovators and researchers from around the world to showcase leading technological solutions, while the main Summit will bring together leaders and experts to discuss the future of security and technology and explore new strategic partnership opportunities.

SAIF will take place at the Riyadh International Convention & Exhibition Center, bringing together innovators, researchers, technology talents, and industry experts from around the world to showcase promising innovations and projects across 14 fields of technology and innovation. The fair will provide opportunities to engage with project owners, including students, graduates, and entrepreneurs, and explore the different stages of innovation development through interactive zones, panel discussions on emerging security and innovation trends, and knowledge-sharing workshops led by specialists. Visitor registration is open to participants from within and outside the Kingdom through saifair.sa.

The introductory session also featured contributions from representatives of government, private, and nonprofit sector entities, alongside members of the media. Discussions focused on developing national capabilities in security and technology, strengthening students’ technical expertise, translating scientific research into practical solutions, and supporting Saudi companies in developing security and technology solutions and advancing digital transformation.

Organized by the Ministry of Interior in cooperation with Tuwaiq Academy, GSTS is produced by Tahaluf, with the Ministry of Education serving as Strategic Scientific Partner, Tahakom as Founding Partner, and Elm as Principal Partner.

Registration for participants from within and outside the Kingdom is available at gsts.sa.

Click here to view the media kit. 

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