Argan - Q1 Business Update
Argan announced its 1Q24 sales and provided a business update.Rental income was EUR 48.1m, up 6% y-o-y, of which 4.6% was due to rental reviews.During the quarter, Argan completed one project, but three major projects are expected to be completed in Q2.We maintain our Buy rating. Argan is one of our RE Top Picks and in our Preference list.Argan SA designs, builds, develops, owns, leases, and manages logistical bases and warehouses in France. Co. is also involved in land development and management, delivering turnkey projects to its customers. Co divides its activities among two categories of clients: Shipper and Logisticians. It serves shippers, manufacturers or distributors. In addition, Co. serves logisticians, operating the logistics of shippers, including Alloga, Arvato, Daher, Dartess , FM Logistic, Geodis, Kuehne & Nagel, Movianto, Neovia logistics, and XPO Logistic. Co.'s portfolio amounts to more than 1,600,000 mA2, made up of 50 logistics platforms and 9 couriers, making a total of 59 buildings.
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