There was a 206% year-on-year increase in the consolidated revenues of the PIK Group, one of the largest Russian housing development companies, in 2017, to RUB 184.1bn (€2.4bn), according to company IFRS results. At the same time, the company ended last year with a net profit of almost RUB 3.2bn (€42m), while in 2016 it generated net profits of RUB 19.1bn (€249m). This translates into a 83% year-on-year decrease.
The report also said that PIK’s revenues generated by sales in development segment alone went up by 214% (year on year) to RUB 169.9bn (€2.22bn). Sales of construction works and related services amounted to RUB 3.8bn (€50m), which was by 3% more on a year-on-year basis. At the same time, sales revenues related to real estate management and exploitation stood at RUB 10.4bn (€136m) in 2017, and increased by 336% year on year.
PIK reported that its EBITDA in 2017 amounted to RUB 15.4bn (€201m), which was a 41% increase in comparison with RUB 11.1bn (€145m) in 2016.
In 2017 PIK Group sold 1,839,000 m2 of housing, which was a year-on-year increase of 94%.