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.

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

Recommended

The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves takes a look at the companies with the highest dividend yields in the UK’s blue-chip index
23 Jan 2023
The top ten dividend stocks in the FTSE 250
Share tips

The top ten dividend stocks in the FTSE 250

The average FTSE 250 dividend yield is around 4%, but many stocks yield much more. Rupert Hargreaves picks the best FTSE 250 stocks for income investo…
17 Jan 2023
The top funds to invest in
Funds

The top funds to invest in

As market volatility and recessionary fears continue, here are the most popular funds, stocks and trusts investors are putting their money into accord…
5 Jan 2023
Investing trends to watch out for in 2023: what analysts say
Investment strategy

Investing trends to watch out for in 2023: what analysts say

What are sensible strategies for high inflationary times? We ask analysts to find out.
22 Dec 2022

Most Popular

Council tax increases 2023 – how much more will you pay?
Tax

Council tax increases 2023 – how much more will you pay?

Your council tax bill will go up in April - we reveal the councils that have confirmed what this year’s increase will be.
23 Jan 2023
Will energy prices go down in 2023?
Personal finance

Will energy prices go down in 2023?

Wholesale gas prices are on a downward trajectory, but does this mean lower energy bills later this year?
27 Jan 2023
When will interest rates go up?
UK Economy

When will interest rates go up?

New interest rates will be announced on 2 February – we look at what to expect.
26 Jan 2023