Pioneer, GC

Pioneer Group of Companies is an investment construction structure, founded in 2001. The main activity is the implementation of projects for the financing and construction of residential and commercial real estate in Moscow, St. Petersburg and a number of regions. The company carries out a full range of work related to the creation of real estate objects: the selection of a plot for development, the definition of "best use" and the development of a concept, marketing, raising funding, organizing and managing construction work, promotion and implementation, operation of built real estate objects. The portfolio of Pioneer Group of Companies has 11 projects with a total area of ​ ​ more than 600 thousand meters.

Performance indicators

2023: Annual revenue growth by 75% to RUB 42.5 billion

In 2023, the revenue of the Pioneer construction group reached 42.5 billion rubles, which is 75% more compared to the result for 2022. This is stated in the financial report published on March 7, 2024.

In the group's total revenue structure, more than half were provided by sales of residential real estate: 44% fell on the "comfort" and "business" classes, and another 10% were brought by objects of the "premium" and "elite" categories. Commercial real estate accounted for approximately 37% of sales in 2023. The increase in the share of premium projects in the revenue structure had a positive impact on the gross profitability of Pioneer, which was at around 30% against 29% in 2022.

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The group's net profit at the end of 2023 reached 2.2 billion rubles. For comparison, in 2022 this figure was approximately 1.4 billion rubles. Thus, on an annualized basis, an increase of about 55% was recorded. The report says that the company's net debt, taking into account funds in escrow accounts, as of December 31, 2023 decreased compared to December 31, 2022 and amounted to 19.2 billion rubles.

Pioneer confidently ended 2023, showing an increase in revenue and profitability, which is also due to the high stage of construction readiness of facilities and an increase in the implementation of both residential and commercial projects of the company, says the company's financial director Alexandra Solntseva.

It is noted that in 2023, the Pioneer group for the first time in its history and one of the first among developers placed two issues of digital bonds totaling 1.1 billion rubles. In addition, the company emphasizes that it has confirmed a high credit rating from ACRA, Expert RA and NKR agencies due to "comfortable debt burden, high profitability and debt servicing indicators, as well as a strong assessment of liquidity and cash flow."^[1]

History

2022: Appointment of Alexey Miroshnikov as CEO

Pioneer announced changes in the management team on November 11, 2022. The post of general director was taken by Alexey Miroshnikov. Read more here.

2020: Suicide of founder and CEO Andrei Grudin

June 27, 2020 Andrei Grudin died. The death of the founder, co-owner and CEO of the Pioneer construction company is reported on the website of the group of companies. Read more here.