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Inveravante Increases its Revenues by 30% Thanks to House Building

The Jove family's holding company increased its revenues in 2019 but acknowledges that the coronavirus crisis could affect this year's results, especially in the real estate and hotel business.

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Avantespacia’s Finca de Xaz residence in A Coruña.

The holding company Inveravante, created by the recently deceased Manuel Jove after he sold Fadesa for millions of euros, obtained a consolidated profit of €13 million euros in 2019 compared with losses of €70 million the previous year.

This significant improvement in the firm’s results is due to its real estate development activity, a business that it manages through Avantespacia, in addition to the sale of some of its overseas energy subsidiaries. However, the group, which has a presence in various areas of activity, has already noted that the Covid-19 pandemic will affect its real estate and hotel business in 2020, according to Cinco Días.

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