Etalon Group Doubles Sales in 1Q 2024

09 April 2024

ETALON GROUP PLC (“Etalon Group” or the “Company”), one of Russia’s largest and longest-established development and construction companies, announces its unaudited operating results for the first quarter of 2024, based on management accounts.

1Q 2024 operating highlights:

  • New contract sales increased by 157% to 189 ths sqm
  • The total value of new contracts tripled year-on-year to a record RUB 41 billion
  • Sales at regional projects doubled year-on-year to 51.4 ths sqm, and the total value of regional contracts increased by 157% to RUB 7.6 billion
  • Cash collections rose 79% to RUB 21.5 billion
  • The average price per sqm increased by 19% to RUB 217 thousand, and the average price per sqm of residential property increased by 29% to RUB 283 thousand

1Q 2024 operating results:

 1Q 20231Q 2024Change, %
New contract sales, sqm73,633189,021157%
Moscow and the Moscow region29,53088,996201%
St Petersburg18,94948,655157%
Other regions25,15451,371104%
New contract sales, RUB mln13,43640,965205%
Moscow and the Moscow region7,13726,513272%
St Petersburg3,3616,888105%
Other regions2,9397,564157%
Number of contracts1,5553,816145%
Moscow and the Moscow region6241,856197%
St Petersburg398902127%
Other regions5331,05898%
Cash collections, RUB mln12,00121,45779%
Moscow and the Moscow region5,82311,16792%
St Petersburg3,2005,38168%
Other regions2,9784,90965%
Average price, RUB/sqm182,478216,72219%
Moscow and the Moscow region241,677297,91423%
St Petersburg177,360141,576(20%)
Other regions116,837147,23826%
Average price (apartments), RUB/sqm219,541283,24429%
Moscow and the Moscow region324,997391,55120%
St Petersburg241,891263,0669%
Other regions120,662152,34026%

Quarterly operating results:

 1Q 20232Q 20233Q 20234Q 20231Q 2024
New contract sales, sqm73,633110,635156,295206,617189,021
New contract sales, RUB mln13,43620,56631,16940,39240,965
Number of contracts1,5552,2653,3434,5263,816
Cash collections, RUB mln12,00116,20924,68429,21421,457
Average price, RUB/sqm182,478185,892199,424195,493216,722
Average price (apartments), RUB/sqm219,541223,389234,170240,952283,244
Share of mortgages (total)47%50%49%51%25%
Share of mortgages (apartments)70%71%72%77%39%

Commenting on the Company’s 1Q 2024 operating results, Etalon Group’s Chief Executive Officer, Gennadiy Shcherbina, said:

“Sales in the first quarter of 2024 were the best in Etalon Group’s history. The total value of new contracts reached RUB 41 billion, which was even higher than our record of RUB 40.4 billion set in the last quarter of the previous year. Robust sales in a turbulent market not only demonstrate the effectiveness of our strategy but also bring us closer to achieving our ambitious goals when it comes to business expansion.

“Our strong quarterly performance was driven by stable demand in our traditional markets and a 27% increase in regional sales in monetary terms compared with the 2023 quarterly average. Two factors have been supporting positive price trends: the high level of interest in our regional projects alongside progress in the construction of project phases that were put on sale during earlier periods. The price per square metre at our regional residential complexes increased by 17% compared with the average for 2023. In addition, an increase in the percentage of sales covered by instalment payments prior to delivery, which partly substituted mortgage-backed sales, helped drive demand.

“We see excellent potential for further scaling, and we intend to expand our operations in regional markets: in late March, we increased our land bank by adding a large-scale project in Rostov-on-Don with planned NSA of more than 2 million square metres. By 2026, we plan to expand our geographic footprint to 15 regions of operations, which will enable us to increase the scale of our business and our profit margins severalfold.”

This and other recent announcements are available on the Etalon Group website:

Contact Information

Etalon Group

IR Team
T: +44 (0) 20 8123 1328



About Etalon Group

Founded in 1987, today Etalon Group is one of the leading nationwide players in Russia’s development and housing construction sector. The Company has been actively developing in eight regions across Russia since 2021, with large-scale projects under way in Omsk, the Novosibirsk region, Ekaterinburg, Tyumen and Kazan. With 37 years of successful operations and ongoing regional expansion, the Company remains one of the largest players in the Russian real estate market. Since its foundation, Etalon Group has delivered 9.0 mln sqm of real estate.

Thanks to its integrated business model, Etalon Group creates added value for customers and shareholders at every stage of development, from land plot analysis and acquisition to the operation and maintenance of existing properties. Etalon Group employs nearly 6,000 people, and its nationwide sales network covers 35 regions across Russia.

Etalon Group’s assets comprise 32 projects at the design and construction stages in eight regions, unsold inventory at completed residential complexes and commercial properties, and land plots with total unsold NSA of 5.9 mln sqm, as well as a construction and maintenance division. According to Nikoliers, the value of Etalon Group assets as of 31 December 2023 was RUB 303 billion.

In 2023, Etalon Group's new contract sales totalled 547 ths sqm, or RUB 105.6 billion.

The Company's revenue in 2023 amounted to RUB 88.8 billion, with EBITDA of RUB 18.1 billion.

Etalon Group's GDRs are traded on Moscow Exchange (ticker ETLN), where they are included in the Level 1 quotation list.