Net profit of Etalon Group for the first half of the year according to IFRS increased to 11.7 billion rubles

AK&M 19 September 2022 11:57

Net profit of Etalon Group PLC for the first half of 2022 according to IFRS increased to RUB 11.7 billion from RUB 1.3 billion a year earlier. The growth was due to the M&A transaction. This was announced by the company.

Revenue amounted to 32.7 billion rubles. Gross profit before asset acquisition cost distribution (PPA) reached 10.5 billion rubles.

"Since the middle of last year, as part of the implementation of the approved strategy, we have been doing a lot of work to expand the business both through the acquisition of land plots and through the inorganic growth of the portfolio. In May 2022, the company concluded a lucrative deal to acquire the Russian business of the international concern "YIT". As a result, we managed not only to replenish the portfolio by 600 thousand square meters, to enter new regions and strengthen our competencies, but also to strengthen profit indicators already in the first half of this year. Due to the conclusion of the transaction on extremely favorable terms for us, the company achieved a record net profit of 11.7 billion rubles <...>," said Gennady Shcherbina, Chief Executive Officer of the Etalon Group, whose words are quoted in the message.

"In the first half of the year, even taking into account the M&A transaction, net corporate debt is only 2.5 billion rubles against 2.6 billion rubles at the end of 2021. <...>," added Ilya Kosolapov, Chief Financial Officer of the Etalon Group, whose words are also quoted in the message.

Founded in 1987, the Etalon Group is today one of the largest corporations in the field of development and construction in Russia. Etalon Group focuses on residential real estate for the middle class in Moscow, the Moscow Region and St. Petersburg.