Moscow, August 29, 2019 — PIK Group, the leading Russian residential developer, today announces its unaudited Consolidated Financial Statements prepared in accordance with IFRS for the six months ended June 30, 2019.
1H2019 Financial Highlights:
Commenting on the operating results, Sergei Gordeev, President of PIK Group, said:
«In the first 6 months of 2019, PIK showed excellent financial performance. The company's revenue reached almost 104 billion rubles, EBITDA increased by 50%, net profit increased almost 5 times.
High construction rate — completions in the first half of 2019 almost doubled compared to the same period of 2018 — will continue in the second half of the year. In 2019, PIK plans to complete more than 2 million square meters, which is a record indicator for the company and the entire industry. To replenish the land bank, PIK acquired projects with a combined net selling area of almost 1 million square meters in the current regions of presence.
Despite being allowed to remain within the previous legislation framework, PIK among the first companies in the industry began a gradual and smooth transition to project financing, thereby once again confirming its reliability and leading position in the market. To date, the company has received approval for the provision of project financing for the construction of more than 1 million square meters.
The company has successfully adapted to the new legislation requirements, which, of course, creates the prerequisites for increasing its market share and increasing shareholder value, while PIK confirms the commitment of its development strategy as a public company. Implemented innovative digital services, as well as proprietary IT solutions actively developed by the Company create additional opportunities for the growth of PIK business efficiency.»
The Consolidated Financial Statements, prepared in accordance with IFRS, for 6 months ended June 30, 2019 can be found under the following link
Conference call details:
Date: August 29, 2019
Time: 16:00 Moscow / 14:00 London / 09:00 New York
Title: PIK Group 1H2019 IFRS results
Passcode: 29524011#
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Enquiries:
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Polina Kurshetsova
Tel: +7 495 505 97 33 ext. 3785
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