Kojamo Oyj's revenue rose in Q1, with stable rental demand

Kojamo Oyj's revenue grew by 4.7 percent to EUR 113.3 million in the first quarter of 2024, compared to the same period last year. Net rental income increased by 1.9 percent to EUR 60.6 million, according to the company's interim report.

Profit before taxes amounted to EUR 39.3 million, up from EUR 24.0 million a year earlier. The profitability was positively affected by changes in the fair value of investment properties.

Cash flow from operations before working capital changes (FFO) declined by 11.5 percent to EUR 25.5 million. The fair value of investment properties stood at EUR 8.1 billion at the end of the period. The economic occupancy rate remained stable at 92.4 percent.

The company owns 40,860 rental apartments. Gross investments were significantly lower than in the previous year, at EUR 8.4 million compared to EUR 54.9 million.

Kojamo revised its outlook for 2024, now expecting revenue growth of 4–7 percent, down slightly from the previous forecast of 4–8 percent. The FFO forecast remained largely unchanged.