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 half and second quarter of 2024, based on management accounts.
1H 2024 operating highlights:
- New contract sales increased by 109% year-on-year to 384.6 ths sqm
- The value of new contracts rose by 131% year-on-year, reaching a record RUB 78.6 billion
- The value of new contracts in regional markets increased by 146% to RUB 17.3 billion
- Cash collections climbed 70% to RUB 47.9 billion
- The average price per sqm increased by 11% to RUB 204 thousand, and the average price per sqm of residential real estate increased by 22% to RUB 270 thousand
1H 2024 operating results:
| 1H 2023 | 1H 2024 | Change, % | |
|---|---|---|---|
| New contract sales, sqm | 184,280 | 384,622 | 109% |
| Moscow and the Moscow region | 70,522 | 146,917 | 108% |
| St Petersburg | 53,100 | 121,239 | 128% |
| Other regions | 60,658 | 116,466 | 92% |
| New contract sales, RUB mln | 34,002 | 78,592 | 131% |
| Moscow and the Moscow region | 17,489 | 44,087 | 152% |
| St Petersburg | 9,510 | 17,254 | 81% |
| Other regions | 7,003 | 17,251 | 146% |
| Number of contracts | 3,820 | 7,459 | 95% |
| Moscow and the Moscow region | 1,406 | 3,106 | 121% |
| St Petersburg | 1,113 | 1,980 | 78% |
| Other regions | 1,301 | 2,373 | 82% |
| Cash collections, RUB mln | 28,210 | 47,926 | 70% |
| Moscow and the Moscow region | 13,680 | 22,483 | 64% |
| St Petersburg | 8,053 | 13,639 | 69% |
| Other regions | 6,477 | 11,803 | 82% |
| Average price, RUB/sqm | 184,515 | 204,335 | 11% |
| Moscow and the Moscow region | 247,995 | 300,080 | 21% |
| St Petersburg | 179,098 | 142,313 | (21%) |
| Other regions | 115,455 | 148,122 | 28% |
| Average price (apartments), RUB/sqm | 221,951 | 269,865 | 22% |
| Moscow and the Moscow region | 325,948 | 391,982 | 20% |
| St Petersburg | 244,545 | 277,440 | 13% |
| Other regions | 119,585 | 151,728 | 27% |
2Q 2024 operating highlights:
- The Company concluded 3,643 new contracts with customers
- New contract sales increased by 77% year-on-year to 195.6 ths sqm, or by 83% to RUB 37.6 billion
- Cash collections rose 63% year-on-year to RUB 26.5 billion
- The average price per sqm increased by 3% to RUB 192 thousand
- The average price per sqm of residential real estate increased by 15% to RUB 257 thousand
2Q 2024 operating results:
| 2Q 2023 | 2Q 2024 | Change, % | |
|---|---|---|---|
| New contract sales, sqm | 110,647 | 195,600 | 77% |
| Moscow and the Moscow region | 40,992 | 57,921 | 41% |
| St Petersburg | 34,151 | 72,585 | 113% |
| Other regions | 35,504 | 65,095 | 83% |
| New contract sales, RUB mln | 20,566 | 37,627 | 83% |
| Moscow and the Moscow region | 10,352 | 17,574 | 70% |
| St Petersburg | 6,149 | 10,366 | 69% |
| Other regions | 4,064 | 9,687 | 138% |
| Number of contracts | 2,265 | 3,643 | 61% |
| Moscow and the Moscow region | 782 | 1,250 | 60% |
| St Petersburg | 715 | 1,078 | 51% |
| Other regions | 768 | 1,315 | 71% |
| Cash collections, RUB mln | 16,209 | 26,469 | 63% |
| Moscow and the Moscow region | 7,857 | 11,317 | 44% |
| St Petersburg | 4,853 | 8,258 | 70% |
| Other regions | 3,498 | 6,894 | 97% |
| Average price, RUB/sqm | 185,871 | 192,365 | 3% |
| Moscow and the Moscow region | 252,547 | 303,407 | 20% |
| St Petersburg | 180,062 | 142,807 | (21%) |
| Other regions | 114,475 | 148,820 | 30% |
| Average price (apartments), RUB/sqm | 223,542 | 256,570 | 15% |
| Moscow and the Moscow region | 326,593 | 392,642 | 20% |
| St Petersburg | 246,034 | 288,032 | 17% |
| Other regions | 118,816 | 151,255 | 27% |
Quarterly operating results:
| 2Q 2023 | 3Q 2023 | 4Q 2023 | 1Q 2024 | 2Q 2024 | |
|---|---|---|---|---|---|
| New contract sales, sqm | 110,635 | 156,295 | 206,617 | 189,021 | 195,600 |
| New contract sales, RUB mln | 20,566 | 31,169 | 40,392 | 40,965 | 37,627 |
| Number of contracts | 2,265 | 3,343 | 4,526 | 3,816 | 3,643 |
| Cash collections, RUB mln | 16,209 | 24,684 | 29,214 | 21,457 | 26,469 |
| Average price, RUB/sqm | 185,892 | 199,424 | 195,493 | 216,722 | 192,365 |
| Average price (apartments), RUB/sqm | 223,389 | 234,170 | 240,952 | 283,244 | 256,570 |
| Share of mortgages (total) | 50% | 49% | 51% | 25% | 45% |
| Share of mortgages (apartments) | 71% | 72% | 77% | 39% | 63% |
Commenting on the Company’s operating results in 1H and 2Q 2024, Etalon Group Chief Financial Officer Ilya Kosolapov said:
“We set a new sales record in the first half of 2024, with the value of new contract sales doubling to RUB 78.6 billion, surpassing the extremely high mark we saw in the second half of 2023. And the second quarter was just as successful as the first. From April to June, sales increased by 83% year-on-year: we sold 196 ths sqm at a total cost of RUB 37.6 billion.
“Geographic expansion remains an important driver for our business. Strong demand coupled with progress in terms of project construction supported a 28% price increase in regional markets and helped us double sales in monetary terms. That said, our sales results aren’t reflected in our financial statements right away: for the first half of the year, we expect to see a robust double-digit increase in revenue, with our financial performance picking up even further by 2025–2026.
“A second growth point is the development of instalment programmes prior to delivery that is driving very strong sales alongside a historically low percentage of mortgage-backed purchases, while also shielding us from the risks associated with cutbacks in government support programmes and the high key rate.
“We intend to expand our operations to 15 regions by 2026, which will enable us to more than double construction volumes and revenue, offsetting the costs incurred for project development, and an expected decrease in the key rate in 2026 will support further improvement in our financial performance.”
This and other recent announcements are available on the Etalon Group website:
https://www.etalongroup.com/en/news/.
IR Team
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 develops real estate projects for the middle class in Moscow, the Moscow region and St Petersburg. 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 9.2 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 more than 6,000 people.
Etalon Group’s total assets comprise 27 projects under development, unsold inventory at completed residential complexes and commercial properties, with total unsold NSA of 5.5 million sqm, as well as a construction and maintenance division. According to Nikoliers, the value of Etalon Group assets as of 31 December 2024 was RUB 305 billion.
In 2024, Etalon Group’s new contract sales totalled 699 ths sqm, or RUB 146.2 billion.
The Company’s revenue in 2024 amounted to RUB 131 billion, with EBITDA of RUB 27.6 billion.
Etalon Group shares are traded on the Moscow Exchange (ticker ETLN) and have been included in the Level 2 quotation list since September 2025.