Yugo, one of the largest operators of student accommodation in Ireland, recorded a profit of slightly more than €1 million for the 18-month period to the end of June 2024. This compared with a profit of €140,000 in the previous 12 months to the end of December 2022.
This resulted in Yugo (Ireland) Ltd ending its June 30th, 2024, financial year with accumulated profits of €892,806 – having carried over losses of €123,271 from the previous financial period, according to records filed with the Companies Registration Office.
The company ended its 18-month financial period with total current assets of €10.85 million, holding client cash balances of €6.6 million and registered debtors of €4.2 million.
The international conglomerate boasts more than 100,000 beds in Europe and the US and operates 12 student accommodation facilities in Ireland. Eight of these are in Dublin including The Tannery, Ardcairn House and Dominick Place.
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The room prices offered for the coming year in the Dublin locations range as high as €474 per week for a so-called deluxe studio at its New Mill location in The Liberties.
A “deluxe” one-bed apartment option at Brewers Close costs €530 per week for a 41-week term, broken down to a weekly room price of €471 with an additional €59 weekly cost to cover utilities. Rooms are also offered for a 51-week term with a slightly lower weekly price.
The remaining four locations are in Cork: Lee Point, The Bottleworks, Melbourne Point, and Amnis House.
More than a year ago Yugo and other apartment operators made the headlines when it emerged that they would no longer offer 41-week leases in line with the college year but would instead require tenants to sign 51-week leases. This prompted the government to change the law, requiring that students have the option of a 41-week lease.
The accounts filed with the CRO show that the Irish company had €41,867 in cash and equivalents. Creditors falling due in one year stood at €9.9 million, a significant proportion of which was to other companies in the ownership group.
The company had 102 employees, up from 96 in the year to the end of December 2022. The directors of the company “constitute the key management personnel of the company and did not receive a compensation”, the accounts state.
Yugo, was formed in 2021 following a merger of four major student accommodation providers, Uninest Student Residences, The Student Housing Company, Nexo Residencias, and University Communities (UComm).
The ultimate owner of Yugo is the Jersey-based Capital Values Group Ltd, which is headquartered in Dubai.
