ESR grows in its core markets
ESR, an APAC focused logistics real estate platform, has announced its results for the financial year 2019. The group recorded revenue of USD 357.4 million in FY 2019, up 40.6% from USD 254.1 million in FY 2018. Net profit was USD 245.2 million, representing 20.8% growth from USD 203 million in FY 2018.
Ebitda achieved a record USD 549.1 million, up 42.9% from USD 384.2 million in FY 2018. Adjusted ebitda increased by 49.8% to USD 358.9 million in FY 2019, compared with USD 239.6 million in FY 2018.
Jeffrey Perlman, non-executive chairman of ESR, said, “2019 was a transformational year for ESR. The company is well-positioned to capitalise on the strongest secular trends in Asia including the continued growth of e-commerce, the significant shift in capital flows to the region and the superior risk/reward proposition for logistics which is leading to higher capital values."
The group’s gross floor area grew by 42.8% to 17.2 million sqm, mainly in its three core markets of China, Japan and South Korea, where ESR has the largest development pipelines. (mw)