Advertisement

RGI International reports sales growth in line with expectations

RGI International, developer of residential and commercial properties in Moscow, said trading for the fourth quarter and full year was in line with management's expectations.

RGI International, developer of residential and commercial properties in Moscow, said trading for the fourth quarter and full year was in line with management's expectations.

The company reported sales growth, driven by the success of residential project V Lesu.

RGI sold 135 apartments at the development, compared to 91 the previous year. It brings the total sold for the first phase of the project to 715, representing 57% of the whole.

Advertisement - Article continues below

Strong sales at V Lesu enabled RGI to repay the final instalment on its bonds of $9.6m in November and reduce its overall debt.

The group has now kicked off sales for the second phase of the project which comprises of five buildings and a total of 1,501 apartments. It also includes a school and a kindergarten and construction has started on the buildings after receiving approvals.

During the quarter the Tsvetnoy Central Market department store recorded sales of 856m Russian Rubles, a 48% increase compared to the previous year of 577m Russian Rubles.

The Zemlianoy hotel project was sold in the period for $6.0m and the Maya office development was sold for $0.6m.

"[Last year] was an exceptional and challenging year. The company has concentrated its efforts on meeting the growing desire of customers in the Russian market for a product of exceptional quality," Chief Executive Officer Andrey Nesterenko said.

"Good sales growth at V Lesu and Tsvetnoy show that we have a professional team which is on the right track. This year the company will focus on sustaining its growth path by obtaining new residential projects of a similar scale and continuing the development of our Moscow projects."

Shares grew 0.24% to $2.10 at 12:15 Thursday.

RD

Advertisement
Advertisement

Recommended

Visit/investments/investment-strategy/601044/broker-safety-your-questions-answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
Visit/investments/investment-strategy/600861/how-demographics-affects-stock-valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Visit/investments/stocks-and-shares/600863/sirius-minerals-anglo-american-takeover
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Visit/investments/stockmarkets/600634/why-investors-should-be-cautiously-bullish-for-2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

Visit/economy/eu-economy/601422/heres-why-investors-should-care-about-the-eus-plan-to-tackle-covid-19
EU Economy

Here’s why investors should care about the EU’s plan to tackle Covid-19

The EU's €750bn rescue package makes a break-up of the eurozone much less likely. John Stepek explains why the scheme is such a big deal, and what it …
28 May 2020
Visit/investments/stockmarkets/601423/as-full-lockdown-ends-what-are-the-risks-for-investors
Stockmarkets

As full lockdown ends, what are the risks for investors?

In the UK and elsewhere, people are gradually being let off the leash as the lockdown begins to end. John Stepek looks at what risks remain for invest…
29 May 2020
Visit/economy/global-economy/601420/james-ferguson-the-virus-the-lockdown-and-what-comes-next
Global Economy

The MoneyWeek Podcast: James Ferguson on the virus, the lockdown, and what comes next

Merryn talks to MoneyWeek regular James Ferguson of Macrostrategy Partnership about what's happened so far with the virus; whether the lockdown was th…
28 May 2020