PIONEER Reports 2024 Financial Results: Net Profit Reaches 5.2 Billion Rubles

PIONEER has released its consolidated financial statements for 2024, prepared in accordance with international standards. The company’s revenue reached 47.1 billion rubles, marking an 11% increase compared to 2023. Gross profit surged by 54%, reaching 19.1 billion rubles, while the gross margin improved to 41% (compared to 30% in 2023). Net profit amounted to 5.2 billion rubles.

The increase in project completion rates and sales volumes, along with a higher share of premium properties, contributed to the growth in revenue and gross margin. Sales of premium and luxury residential properties accounted for 50% of total revenue, reflecting a 40 percentage point increase from the previous year. Commercial real estate sales represented 23% of total revenue (37% in 2023), while business-class real estate accounted for 13% (44% in 2023).

“We concluded 2024 with one of the highest revenue figures in the company’s history. Strong operational performance and on-schedule construction work allowed us to increase our completion and sales rates, leading to higher revenue recognition under IFRS. Today, 50% of our revenue comes from premium and luxury housing sales, and as part of PIONEER’s long-term strategy, we will continue to expand our high-end real estate portfolio,” says Alexey Miroshnikov, PIONEER CEO.

The company’s EBITDA reached 14 billion rubles, reflecting a 67% increase compared to 2023. PIONEER maintained a low debt burden, with a net debt-to-EBITDA ratio of 2.2x as of December 31, 2024, improving from 2.3x at the end of 2023. The financial report highlights the company’s strong credit portfolio, with 94% of its total debt consisting of secured loans.

In 2024, the company met all financial obligations for two bond issues, including the full repayment of one issuance at the end of the year.

“PIONEER demonstrated strong financial results in 2024, maintaining low debt levels, which ensures the company’s financial resilience and ability to meet obligations on time to buyers, suppliers, and contractors,” adds Alexandra Solntseva, PIONEER CFO.

PIONEER’s portfolio includes 26 completed projects in Moscow and St. Petersburg, covering 3 million sqm. An additional 1.6 million sqm is currently under construction and design.

Key projects under construction include the fourth phase of LIFE Varshavskaya, two phases of HIGH LIFE, the first phase of the PRIDE premium family residential development, the SHIFT premium development, the OPUS club residence and business centre, and the final building in OSTANKINO BUSINESS PARK.

Several major developments are scheduled for completion in 2025.