The developer Etalon increased sales by 2.5 times in the fourth quarter of 2023
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According to the results of the fourth quarter of 2023, the developer Etalon Group increased sales by 2.5 times year-on-year, to 40 billion rubles, it says press release companies. The volume of sold real estate also increased 2.5 times, to 206.6 thousand square meters. m.
Sales volume in regional projects increased 2.6 times, to 72.7 thousand sq. m. m, the cost of regional contracts increased 3.1 times, to 10 billion rubles. Cash receipts increased by 76%, to RUB 29 billion. The average price per square meter was 195.5 thousand rubles, the average price per square meter of residential real estate increased by 5%, to 250 thousand rubles.
Group chief executive Gennady Shcherbina said that overall, 2023 “was the best year in the company’s history in terms of sales.” According to him, the cost of concluded contracts over 12 months reached 106 billion rubles. This is 80% higher than the result of 2022 and 25% higher than the record levels of 2021.
The largest shareholder of Etalon Group PLC is AFK Sistema; it owns 48.8% of the developer’s GDR. 35.2% is in free float, 6.3% is held by the Emirati state holding company Mubadala Investment Company, 5% is owned by the Kopernik Global Investors fund, 4.1% is held by Prosperity Capital, and 0.6% is held by the company’s management.
In October 2023, the developer “Etalon” signed agreement to change the depositary bank, transferring the GDR program under the management of Luxembourg RCS Issuer Services S.AR.L. In the same month, the company due to business expansion strengthened management team by two vice presidents.
About the developer’s revenue growth last year – in the Kommersant material “The developers have placed their bets”.
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