Montebalito, a real estate group led by José Alberto Barreras Barreras and his family, reported revenue of 21.3 million euros for the previous year, up 4.89% from 2021. Operating profit reached 4.11 million euros, versus 3.2 million euros the year before. The figures come from the company’s results presentation filed with the National Securities Market Commission (CNMV).
In 2022, Spain accounted for the largest share of Montebalito’s turnover at 60%, with the Dominican Republic contributing 31%. The group also holds minority stakes in several other markets, including Brazil (4.36%), Romania (3.21%), Morocco (1.38%), and France (0.06%). The sale of the Gran Hotel Europa in the Dominican Republic, completed in 2022, added a net profit of 3.62 million euros to the income statement. These geographic results reflect the company’s diversified footprint while maintaining core exposure in its home market.
Despite steady performance and a modest improvement in results, the most notable development concerns leverage. Montebalito has aggressively reduced its debt, trimming net debt from 12.7 million euros to 7.6 million euros and lowering non-current debt from 25.6 million to 18.8 million over the course of the year. Taken together, the reduction in leverage amounted to 11.9 million euros, signaling a clearer balance sheet during the year under review.
In its CNMV presentation, the company noted that a separate communication had raised questions in December about stock-market activity. While the stock appreciated around 60% year-to-date, the price had gained roughly 40% in value. Management stated that there was no information to justify the increase in daily trading volume or the price rise. Earlier, in October 2022, Montebalito disclosed that it had engaged a financial adviser to explore potential investors and had identified a limited set of interested candidates, although no binding agreement had been reached at that time. This context helps explain the share-price dynamics observed by investors and analysts during the period.
During 2022, the company paid a dividend of 0.12 euros per share, in either stock or cash. This dividend reflected in the stock premium. The first half of the year saw the issuance of 697,878 treasury shares and 456,000 euros in February, while the second half involved 600,000 shares and 684,000 euros in cash movements. These actions illustrate cash-management decisions aligned with broader capital-structure objectives.
Deliveries of Montebalito homes in 2023
Looking ahead to 2023, Montebalito’s developer segment anticipated several key completions. Between late 2022 and early 2023, the group planned the finish of a residential project in Vigo and a separate project in Brazil, expected to contribute 11.6 million euros and 2 million euros in revenue, respectively. In Vigo, the Galicia region, the firm also planned the completion of 20 additional floors in a current project during the second quarter. The portfolio in Madrid included two ongoing promotions with a total of 41 homes expected to be completed by year-end. Additionally, a third construction project in Madrid, comprising 32 residences, already held a building permit, signaling a robust pipeline for the year ahead.
Overall, Montebalito’s strategy appears focused on reinforcing its balance sheet while advancing a mix of mature markets and selected growth projects. The combination of debt reduction, selective asset dispositions, and a measurable development pipeline positions the company to navigate market fluctuations with greater resilience. Analysts and investors will continue to watch for updates on project deliveries, lease or sale agreements on international holdings, and any new capital-raising discussions that could shape liquidity in the near term. This dynamic environment underscores the importance of transparent disclosures and timely reporting, which Montebalito has emphasized in its communications with the CNMV and market participants. [Citations: Montebalito annual results presentation, CNMV filings, market commentary reports]