MOSCOW, July 22 2021 — PIK, the leading Russian residential real estate developer, released today its trading update for the six months ended June 30, 2021 (1H2021).
1H2021 key operational highlights:
● Value of new contract sales increased by 58% year-on-year to RUB 189 billion (1 088 th sqm) compared to RUB 120 billion (889 th sqm) in 1H2020, including fee-development business segment of RUB 43 billion (198 th sqm), up 3.7 times compared to 1H2020.
● Total cash collections increased by 59% year-on-year to RUB 225 billion, compared to RUB 141 billion in 1H2020
— Cash collections to the escrow accounts increased more than 4 times to RUB 82 billion
— Cash collections from construction services, fee-development and other operations increased by 59% year-on-year and amounted to RUB 59 billion.
● In 1H2021, PIK put on sale:
— 9 new projects compared to 4 new projects in 1H2020
— 69 new compared to 20 new buildings 1H2021.
— Total area launched to the market amounted to 1 194 th sqm
● Completions amounted to 833 th sqm (495 th sqm in 1H2020).
● Share of mortgage sales reached 79% in 1H2021.
PIK has been operating in the market since 1994 and specializes in sales of affordable housing. Since its inception, the company has built about 27 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.