LSR Group published operational reporting for the first nine months and the third quarter of 2023. After the release of the document, the developer’s shares on the Moscow Exchange rose in price by 2.53% to 746.2 rubles.
By 14:55 Moscow time, shares showed a slight drop to 727.2 rubles. (-0.05% to the close of main trading on October 19). The Moscow Exchange index amounted to 3248.55 points (-0.2%). Since the beginning of the year, the company’s quotes have increased by 57.2%, the benchmark – by 50.8%.
Real estate sales in LSR from January to September increased 2.3 times to 145 billion rubles, compared to the same period in 2022, follows from the document. The volume of real estate sold during this period amounted to 775,000 sq. m. m – 2.1 times more year on year.
The group clarified that sales grew the most in nine months in Moscow – 3.4 times year-on-year. Their volume amounted to 55 billion rubles. In the capital, LSR sold 184,000 sq. m. m of real estate – 3.5 times more than from January to September 2022.
Sales volume in St. Petersburg during the reporting period increased to 79 billion rubles. – 1.8 times more year on year. The developer sold 487,000 sq. m of real estate – also 1.8 times more than in the same period in 2022.
Based on the results of nine months, real estate sales in Yekaterinburg increased 2.2 times to 11 billion rubles. In physical terms, sales showed a double increase and amounted to 104,000 sq. m. m.
The LSR reporting also clarifies that according to the results of the third quarter of 2023, total real estate sales increased seven times year-on-year to RUB 78 billion. During this period, the developer sold 394,000 sq. m. m of real estate – 6.6 times more than in the third quarter of 2022. The majority of contracts (76%) were concluded with the participation of mortgage funds.
The developer’s securities began to gain popularity in the summer of 2023, when the focus of Russian investors shifted from blue chips to second-tier shares. Experts interviewed by Vedomosti noted that this is also due to the payment of dividends announced in July. The yield on LSR shares at that time was 9.87%.