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Russia’s Etalon developer posts 10% rise in 2023 EBITDA to $197 mln

"We entered an investment phase in our development associated with the rapid expansion of our geographic footprint and the consolidation of our leading positions in regional markets," Gennady Shcherbina noted

MOSCOW, March 25. /TASS/. Earnings before interest, taxes and amortization (EBITDA) of Russia’s developer Etalon Group under International Financial Reporting Standards (IFRS) increased by 10% in 2023 to 18.1 bln rubles ($197.7 mln), the company reported.

"EBITDA amounted to 18.1 billion rubles, an increase of 10% year-on-year; EBITDA margin in 2023 was 20%," the company said.

Pre-PPA net loss amounted to 2.3 bln rubles ($25 mln) for FY 2023, the report said. Consolidated revenue increased by 10% to 88.8 bln rubles ($968.5 mln), while revenue in the residential development segment reached 78 bln rubles ($845.7 mln), up by 13% year-on-year.

Net corporate debt as of December 31, 2023 amounted to 37 bln rubles ($401.4 mln), while the ratio of net corporate debt to pre-PPA EBITDA was 1.9x. Funds in escrow accounts amounted to 77.4 bln rubles in 2023.

"Aggressive business growth is contingent on substantial capital investments; amid high interest rates, this puts temporary pressure on net profit. At the same time, we expect regional expansion to enable us to increase business volumes severalfold in the coming years and to gain a leading position in regional markets, while lower rates in the medium term together with reduced overhead costs and increased efficiency will enable us to achieve higher profitability," Chief Executive Officer of Etalon Group Gennady Shcherbina was quoted as saying.

"We entered an investment phase in our development associated with the rapid expansion of our geographic footprint and the consolidation of our leading positions in regional markets. We launched projects in all our new regions in 2023, becoming a genuine nationwide player," he added.

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