FSK Group has announced its results for the first half of 2023. The Group’s consolidated revenue for the period was RUB 85.9 billion (including Perviy DSK, MSU-1 GC, Larta Glass, Partner Group, FSK Family, and other FSK Group companies and sales of real estate under contracts), up 7.2% year-on-year.
In the first half of the year, the Company sold 221,126 m2 of real estate for RUB 47.2 billion, which is relatively flat year-on-year. FSK Group put up for sale new builds measuring 588,000 m2.
“The real estate market stabilised in the first half of 2023. Mortgages remained the primary demand driver: about 90% of real estate transactions in our projects involve borrowing. The Company was very active in the first half of the year. We continued to expand our footprint in the regions, acquiring another site in Vladivostok for building a business-class housing development and a site in Tatarstan. We are also focused on growing our project portfolio. Over the first six months of the year, we commissioned three new comfort-class housing developments and two new suburban projects in the Moscow Region as well as two housing developments in Saint Petersburg and the Leningrad Region,” said Vladimir Voronin, President of FSK Group, commenting on the Company’s results.
FSK Group is one of the largest development companies, with projects in Moscow and Saint Petersburg, the Moscow, Leningrad, and Kaluga Regions as well as the Krasnodar Territory. Its core business is the construction of housing (comfort and business classes), commercial property, and transport and social infrastructure. In 2022, ACRA, a Russian rating agency, affirmed FSK Group’s credit rating at A– (RU) with a stable outlook. In 2022, the Group’s revenue exceeded RUB 174 billion, which is relatively flat year-on-year.
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