Warehouse specialist Argan exceeded its 2023 targets

Rental income is up 11% for 2023 to 184 million euros and recurring net profit share of the group, an indicator representative of the performance of a property company, increases by 5%, to 126 million euros, narrowly exceeding the objective of 124 million euros.

This dynamic comes from “the full year effect of rents” generated by the acquisitions in 2022, the rents of the five warehouses delivered in 2023, as well as an increase of 4% on average in rents on January 1, 2023.

The only downside is that the consolidated net profit fell to -263,5 million euros compared to 95,1 million a year earlier due to the mechanical effect of an asset depreciation.

For 2024, the group plans increasing objectives with recurring net income of 133 million euros (+6%).

It also anticipates a 7% increase in its rental income.

“Despite a change in the cycle, characterized in particular by a sharp increase in interest rates (...), we are once again recording results which demonstrate the solidity of the model,” the chairman of the board said in a press release. surveillance Jean-Claude Le Lan.

A sign of the good health of the logistics real estate market, the group has a 100% occupancy rate in an under-supplied rental market.

In total, Argan holds 3,6 million square meters valued at 3,7 billion euros for an annual rental income of around 200 million euros in 2024.

After investing 132 million euros for 100.000 m2 of new space in 2023, Argan plans to deliver 170.000 m2 of new warehouses representing 180 million investments.

Its main customers are traditional retail groups, primarily Carrefour, followed by Casino, Auchan, Decathlon and Castorama.

It also rents to logisticians (FM, Geodis) and to the e-commerce giant Amazon.

The group intends to pay its shareholders a dividend of 3,15 euros per share.