After divesting assets, Log CP's net profit in 2023 was 51% lower than the previous year

Log CP, a builder and manager of industrial properties, released its annual balance sheet and financial results in the first week of February. The data shows a stabilized net revenue of R$220 million, representing a 1.3% increase compared to the previous year, while the financial result was R$76 million, a decrease of 23.9% compared to 2022. The financial result is obtained by summing up the generated revenues and subtracting the expenses with the equity swap, a term for asset trading carried out for risk reduction.

The company's net profit in 2023 also fell below the previous year. In 2022, the value was R$400 million, against R$194 million in 2023, representing a decrease of 51.3%. Similarly, the EBITDA, which is the gross value, also showed a negative variation of 47%.

The year was also marked by asset sales by Log CP. As a result of the sales, the Gross Leasable Area (GLA) of the company's portfolio was reduced by 15%. The company holds investments in delivered industrial properties, under construction, and landbank, undeveloped lands.

With a gross margin of 30%, the sales involved 11 developments and, altogether, made the company raise R$1.2 billion. The buyers were the funds Seattle I, Seattle II, Toronto, and LGCP11, the latter of which is controlled by Log CP.

Despite the sales, the net revenue from leases remained stable at 2.4%, totaling R$214 million at the end of the year. According to SiiLA's data analysis platform, Log CP's inventory of logistic properties consists of 1.3 million m² distributed across 33 assets, considered only class A+, A, and B industrial properties.