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Quabit’s Losses Soared to €147 Million in 2020

The property developer, which in the process of being absorbed by Neinor, increased its turnover by 300% to 180.2 million euros in 2020, due to a rise in new-home completions.

Félix Abánades presidente de Quabit en su despacho

Quabit’s activity, which is based on the development of medium-profile homes on the outskirts of cities, has been hit hard by the crisis. That was reflected in its results for 2020, which recorded a loss of 147.5 million euros (compared to a loss of 9.2 million euros in 2019).

The company led by Félix Abánades has been greatly affected by the need to recognise provisions to reflect a deterioration in the value of its land, as well as by a reduction in tax credits amounting to 59.6 million euros, which account for more than 85% of the losses recorded. The firm’s losses multiplied 16-fold, according to the figures submitted to the CNMV.

Read the full article in Spanish.

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