VGP jumps on profit beat, strong development pipeline

VGP NV

23/08/2024 08:38

** Shares in VGP  VGP1.BR  rise about 3%, set for best day
since January, on VGP's strong development pipeline and
better-than-expected H1 profit
    ** The Belgian real estate developer reports H1 net profit
at 141.5 million euros ($157.43 million) vs an expected 131.1
million euros, according to KBC Securities
    ** KBC also flags a still strong development pipeline, with
a pipeline of 34 projects accounting for 835,000 sqm (vs.
754,000 expected)
    ** "The pipeline is also shifting to new regions like Italy
and Spain," KBC notes
    ** "A strong increase of its net profit in H1 24 following
several JV closings," says Jefferies, resulting in a 63 million
euros realised gain
($1 = 0.8988 euros)

 (Reporting Clement Martinot)
 ((Clement.martinot@tr.com))