AO INTECO is pleased to report its preliminary financial results for 2020, prepared in compliance with International Financial Reporting Standards (IFRS). Figures exceeded projections: the developer’s revenue amounted to 35.9 billion roubles, EBITDA – 9.6 billion roubles.
In 2020, the company invested 25.7 billion roubles in construction, and its operating revenue, inclusive of escrow, was 36.2 billion roubles. Over the course of last year, INTECO’s portfolio of projects exceeded 1.4 million square metres, while the share of properties sold using escrow accounts increased to 90%. The total limits available to the developer through project financing amounted to 60 billion roubles.
“For the third consecutive year, the new team at INTECO has been confidently moving towards a comprehensive transformation, and the financial results of the company’s operations confirm that its development strategy is as effective as possible. In 2021, INTECO intends to improve its financial performance. We predict that our revenue according to IFRS will exceed 50 billion roubles, and EBITDA will amount to 15 billion roubles,” commented INTECO President Alexander Nikolaev.
Despite the pandemic and the unstable economic situation, INTECO quickly adapted to the new conditions. So, following the mandatory halt to construction projects in April 2020 by order of the Moscow authorities, the developer fully re-established the construction cycle of its projects within a week of work resuming in strict accordance with sanitary and epidemiological requirements. INTECO was also behind the creation of a new regulation for the construction industry in response to the spread of COVID-19 – this tool will mean that, from now on, construction will not have to be stopped as a preventive measure. In addition, the company continued to launch new projects and, in August 2020, sales opened for the premium-class “Vrubelya, 4” residential building in the Sokol district, which was the only new build in this unique area of Moscow next to Artists’ Village.
In 2020, INTECO ranked 6th among developers in Moscow in terms of revenue, according to the company’s analytical centre, exceeding its own 2019 figure by almost double. In terms of revenue in the big-budget segment of new builds in the capital, meanwhile, the company ranked 3rd.
The figures for housing sold have also doubled: in 2020, 1,450 apartments with a total area of 97,700 square metres were sold in all of AO INTECO’s projects in the capital. These results ensured the company rose 10 places in the Moscow developer ratings in terms of total area sold and placed the company in the 2020 top ten.