MOSCOW, July 10, 2019 — PIK Group, the leading Russian residential real estate developer, released today its trading update for the six months ended June 30, 2019 (1H2019).
1H2019 key operational highlights:
- Value of new sales contracts to customers increased by 15.1% to RUB 101.2 billion (841 th sqm) compared to RUB 88.0 billion (843 th sqm) in 1H2018.
- In addition, as a part of fee development business segment value of new sales contracts to customers amounted to RUB 7.1 billion (52 th sqm)
- Total cash collections amounted to RUB 114.5 billion, which is in line with 1H2018.
- Cash collections from sale of real estate (including collections to the escrow accounts) amounted to RUB 101.2 billion.
- Cash collections from construction services and other operations amounted to RUB 13.3 billion.
- In 1H2019, PIK put on sale 1 new project compared to 2 new projects in 1H2018.
- In 1H2019, PIK put on sale 34 new buildings compared to 36 new buildings in 1H2018.
- In 1H2019, 687 th sqm were launched to the market, down 21.1% year-on-year (1H2018: 871 th sqm).
- Completions amounted to 513 th sqm (1H2018: 286 th sqm).
- Share of mortgage sales reached 65% in 1H2019.
- PIK confirms the guidance for 2019:
- Total new sales to customers between the range of 1.7 — 1.9 million sqm
- Total cash collections of RUB 200 — 220 billion
PIK Group will host a conference call for 2Q2019 operational results:
Date: July 10, 2019
Time: 17:00 Moscow / 15:00 London / 10:00 New York
Title: PIK Group 2Q2019 operational results
Domestic line: +7 495 646 93 15
UK international tel.: +44 207 194 37 59
Investors: Polina Kurshetsova, Tel: +7 495 505 97 33 ext. 3785, E-mail: firstname.lastname@example.org
Media: E-mail: email@example.com
PIK has been operating in the market since 1994 and specializes in sales of affordable housing. Since its inception, the company has built about 23 million sqm of residential real estate. Since 2007, PIK is present on the stock market. The company adheres to best international standards of corporate governance. By the decisions of the Government of the Russian Federation PIK is included in the list of strategic enterprises of the Russian economy.