Patrizia Says Enters 2024 With Cautious Optimism

(RTTNews) - Patrizia said it is entering 2024 with cautious optimism. The current macroeconomic uncertainty remains a challenge for the majority of the Group's clients, especially in the real estate sector.

The company expects AUM in a range between 54.0 billion euros - 60.0 billion euros in the 2024 financial year.

The company expects a further improvement in earnings quality driven by a solid development of management fees while contributions from performance fees and other operating income should be lower compared to fiscal year 2023, resulting in an expected EBITDA range of between 30.0 million euros - 60.0 million euros for fiscal year 2024.

Patrizia said its board will propose a dividend per share for fiscal year 2023 of 0.34 euros to shareholders. This reflects the sixth consecutive increase in dividend per share, equivalent to 3.0% year-over-year growth. Shareholders will vote on the dividend proposal during the 12 June 2024 virtual AGM.

Despite the temporarily subdued net income levels with consolidated net profit attributable to shareholders of the parent company down 20.8% year-over-year to 5.8 million euros, PATRIZIA's continued solid operating cash-flow and strong balance sheet allow for a continuation of growing dividends to shareholders, the company said.