Oitante closed 2019 with profits of 34,5 million euros

The process of divesting the company's real estate assets that 'inherited' the assets of the extinct Banif reached the highest value since its creation, reaching the sum of 199 million euros.

Oitante, the company that manages the assets that belonged to the extinct Banif, ended 2019 with profits of 34,5 million euros, 3,9% more than in the previous year.

According to a company statement, last year Oitante's accumulated debt decreased by 73,3%.

“Oitante, during the year of 2019, managed to make the biggest debt repayment since its creation, in the amount of 185,5 million euros, reducing its debt by 48,2% in relation to 2018, as well as reaching an accumulated amortization of 73,3% compared to the amount of the initial debt ”, underlines the said communiqué.

Oitante's officials said that “based on the results achieved, equity increased 44,1% over the previous year, reaching a total amount of 113,4 million euros”.

“The process of disposal of real estate assets reached the highest value since the creation of the company, reaching 199 million euros, of which 71 million euros of assets directly held, 14 million of Banif Imobiliária's assets and 114 million of euros from real estate funds. The loan portfolio also registered a decrease of 51,8 million euros compared to total gross exposure and capital reductions in restructuring funds amounting to 7,7 million euros were made ”, adds the statement by the Oiter.

In the opinion of those responsible for Oitante, “the improvement in efficiency” of the company “is evidenced by the growth in the proportion of revenue allocated to debt over the last few years, having started the journey in 2016 with 47 cents of debt paid for each euro of revenue. generated ”, when, in 2019,“ it reached the target of 80 cents of debt paid for each euro of generated revenue ”.

“In 2019, the company's workforce had 54 employees, which represents a reduction of 21 employees compared to the same period last year. This adjustment was achieved through the mutual agreement in the revocation of the employment contract ”, explains the statement in question.

Oitante's management concluded that the year 2019 was “another year focused on the permanent search for measures that will ensure the maximization of the divestment of its assets and at the same time minimize the associated risks for society”.

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