Strong performance supported by growing contribution from residential segment
AFI Development, a leading real estate company focused on developing property in Russia,
today announces its financial results for the six months ended 30 June 2017.
H1 2017 financial highlights
Revenue for H1 2017 increased by 18% year-on-year to US$106.1 million,
including proceeds from the sale of trading properties:
Rental and hotel operating income increased by 41% year-on-year to
US$56.1 million
AFIMALL City contribution grew by 27% year-on-year to US$39.8
million (H1 2016: US$31.3 million)
Sale of residential properties contributed US$49.8 million to total revenue
Gross profit increased by 9% year-on-year to US$29.7 million (H1 2016: US$27.2
million)
Net profit for H1 2017 amounted to US$7.9 million, compared to a loss of US$53.3
million in H1 2016
Total gross value of portfolio of properties stood at US$1.49 billion (no change
compared to end-Q1 2017)
Cash, cash equivalents and marketable securities as of 30 June 2017 amounted
to US$25.5 million (vs. US$29.6 million at end-Q1 2017)
H1 2017 operational highlights
Construction and pre-sales at Bolshaya Pochtovaya and Botanic Garden,
launched in late Q1 2017, are progressing well. As of 16 August 2017, 13
apartments have been pre-sold at Bolshaya Pochtovaya and 40 at Botanic Garden
At Odinburg, construction and marketing of Building 6 started during Q2 2017.
Delivery of apartments in Building 2 continued throughout the quarter. As of 16
August 2017, the number of sale contracts signed amounted to 717 (99% of total)
in Building 1, 594 (84% of total) in Building 2 and 7 (3% of total) in Building 6
At the AFI Residence Paveletskaya residential development, construction works and pre-sale of apartments continue to plan; 270 residential units have been pre-sold as of 16 August 2017
AFIMALL City continues to demonstrate NOI growth, from US$24.6 million in H1 2016 to US$29.4 million in H1 2017
At the Aquamarine III office complex, a multi-year lease of circa 8,200 sq.m of office space was signed with Deutsche Bank in July 2017