Cirella launches more, but sells less in the third quarter

In the second quarter of this year, the company launched 19 projects (Photo: Reuters / Rachel Patrasso)

a Cirilla (CYRE3) announced on Wednesday a double-digit rise, but a strong decline in sales in the third quarter compared to the same period last year.

The construction company issued the equivalent of 2.2 billion riyals between July and September, with a growth of 33.2% in the annual comparison, but sales fell by 20.2% in the same period, reaching 1.37 billion riyals.

The data was released in the context of rising interest rates to contain inflationRising costs in the civil construction sector and uncertainty about the economy put pressure on consumer confidence.

The company’s sales were also 13% lower than sales recorded in the second quarter of this year, while launches are up 14% in this regard.

According to a preview of operating results released Wednesday, Cyrela’s third-quarter launches included 12 projects, compared to 15 projects in the same period in 2020.

In the second quarter of this year, the company launched 19 projects.

The company also stated that of the sales that took place in the last quarter, 195 million riyals refers to the final inventory, or 14% of the total. Another 440 million inventory is under construction (32%) and 730 million correspond to launches (53%).