Mirvacs 1H24: Solid Results & Strategic Expansion

Mirvac Group  [ASX: MGR] reported its interim results for the half-year ended 31 December 2023, with an operating profit of AU$252 million, down 17% from 1H23. Despite a statutory loss of AU$201 million driven by property devaluations, Mirvac executed AU$480 million in non-core asset sales and maintained a high investment portfolio occupancy of 96.9%.

They also acquired a 47.5% interest in the $1bn Serenitas platform, expanded their residential offerings, and completed projects like Switchyard, Auburn. Mirvac's CEO, Campbell Hanan, emphasized strategic objectives' execution, including non-core asset sales and expanding into the land lease sector. Despite subdued residential sales, Mirvac's focus on capital management, portfolio performance, and strategic partnerships ensures resilience and growth.

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