Advance Terrafund’s Q3’24 revenue came at BGN 2.6m (+21.5% YoY) with the increase being due to considerable increase in the average rent to BGN 64.76/daa, compared to BGN 56.14/daa in Q3’23. As such, total rent income surpassed BGN 2.4m (+20.4% YoY). The company also generated BGN 111k profit from the sale of 56 daa during the quarter at 132.1% premium to BV, compared to no land sales in the corresponding period of last year. On the other hand, interest income came at only BGN 22k, compared to BGN 96k as the cash pile of the company melted, following the large dividend payment of BGN 17.0m, during the year. Hired services expenses reached BGN 1.0m (-1.4% YoY), while personnel expenses were BGN 53k (+3.9% YoY). Consequently, net income for the quarter came at BGN 1.5m (+96.2% YoY), which corresponds with EPS of BGN 0.02. In Jan-Sept’24, Advance Terrafund reported BGN 8.9m of revenue (+36.6% YoY). Profit from land sales came at BGN 1.3m (106.7% premium to book value), compared to just BGN 90k in 2023. Interest income jumped 20.5% YoY to BGN 7.3m, while cost of hired services amounted to BGN 3.0m (-42.6% YoY) with the decrease being driven by base effects (higher brokerage fees related to the large property disposal in Q1’23). Total OPEX reached BGN 3.1m (-43.2% YoY), which resulted in a net income of BGN 5.8m (EPS of BGN 0.07), compared to BGN 1.0m a year ago. Turning to the balance sheet, Advance Terrafund continues to maintain a debt-free balance sheet with a net cash position. The fund recorded a pretty low CFO of BGN 5.0m in 9m’24, as land sales are quite modest so far this year. CFI outflow came at BGN 5.0m as 2 844 daa were bought in 9m 2024. While CFO and CFI pretty much netted each other, the dividend payment of BGN 17.0m led to a drop in the cash and equivalents position to BGN 7.0m, compared to BGN 24.0m in the beginning of the year.