PIONEER Releases Consolidated Financial Statements Under IFRS for H1 2024

PIONEER has published its consolidated interim condensed financial statements for the first half of 2024. The company’s revenue (including income from the sale of investment properties) for the period amounted to RUB 22 billion, representing a 28% increase compared to the same period last year.

The primary drivers of revenue growth were the increase in the average percentage of project completion and the percentage of units sold in the company’s portfolio, as well as the rising share of premium projects in the company’s sales. In the revenue structure for the first half of 2024, premium and luxury residential properties predominated (accounting for 32% of total revenue in the first half of 2024, compared to 6% in the first half of 2023). The shares of commercial properties, comfort-class and business-class residential properties, as well as apartments and other real estate, were relatively balanced in the revenue structure for the first half of 2024: 23%, 21%, and 24%, respectively.

The company’s EBITDA amounted to RUB 7.9 billion, reflecting more than a threefold increase compared to the first half of 2023 (+213%). PIONEER’s net profit for the reporting half-year period was RUB 3.7 billion. The company’s gross profit margin stood at 47% (compared to 27% in the first half of 2023).

Debt levels remained low: the net debt to EBITDA LTM ratio, including escrow, was 2.3x as of 30 June 2024, unchanged from the end of 2023. The financial statements highlight PIONEER’s high-quality credit portfolio, with approximately 93% of the company’s total debt being secured loans. In the first half of 2024, the company met all its bond obligations in full and on time, paying RUB 1.7 billion in amortisation and RUB 0.3 billion in coupon income.

“The results for the first half of 2024 significantly exceeded those of the same period in 2023, thanks to strong operational performance and the timely completion of all construction works—this allowed the company to steadily increase the stage of project completion and the percentage of units sold, thereby recognising a greater volume of revenue. We have consistently increased the share of premium projects in our portfolio, which positively impacted revenue profitability in the first half compared to the same period last year,” commented Alexandra Solntseva, CFO at PIONEER.

PIONEER’s property development portfolio currently stands at 940,000 square metres, including the fourth phase of LIFE Varshavskaya, the first and second phases of HIGH LIFE, the first phase of the family-oriented premium residential estate PRIDE, the premium SHIFT complex near Neskuchny Garden, and the club residence and business centre OPUS. The completion of several major projects is scheduled for 2025.