The housing business in Russia, like any profitable industry, traditionally prefers not to advertise its activities. However, lovers of transparency have invaded its territory. Experts from the portal dataflat.ru studied the Rosreestr data, compared it with price lists on the developers' websites and found companies whose income over the past couple of years amounted to more than 50 billion rubles. And then Forbes experts entered the game, asking these companies to provide them with financial information.
When compiling the list of the most reliable developers of 2019, Forbes magazine focused on the following indicators.
- Specific revenue. Since construction is a slow process, it was decided to look at the total profit for 2016-2018. It is clear that the higher the profit, the higher the company's position in the list of champions.
- Growth and development. In addition to net income, it is also important to monitor the dynamics - whether the company prefers to rest on its laurels or continues to develop.
- The number of square meters handed over. The more there are, the higher the company's rating.
- Accuracy. Namely, how much the developer is inclined to keep his own promises about the delivery of square meters.
- Openness. The more willingly a company shared its data with Forbes experts, the higher its rating.
- Debts and lawsuits. In addition to positive factors, Forbes paid attention to negative factors – the company's debts, as well as lawsuits brought against it.
As a result, a list of the 20 most financially reliable developers in Russia was formed, 10 of which we will now tell you about in more detail.
10. Ingrad
Where: Moscow
The list of the most reliable developers on the Russian housing market is opened by the Moscow company "Ingrad". It has been on the market for only 5 years.
However, as the company’s press service claims, it can boast the fastest growth rates, and over the past year it managed to increase its revenue by as much as a third.
The owner of the company is Roman Avdeev, who, in addition to Ingrad, also owns the Moscow Credit Bank.
9. GC "Pioneer"
Where: Moscow
"Pioneer" is a child of the millennium, born in 2001. Interestingly, "Pioneer" initially conducted its business in St. Petersburg, but in 2018 the company's management abruptly left and, like a migratory bird, went to make decisions in Moscow.
The St. Petersburg office retained the status of a fee developer – a kind of mercenary in the construction world who provides development services for a certain fee.
Perhaps it was the transfer of the center of activity to Moscow that caused a positive reaction from international rating agencies, which changed the status of Pioneer from “stable” to “positive”.
8. GC "Granel"
Where: Moscow
In the history of Granel Group, business is closely linked to politics. The company was born in Bashkortostan, where one of its founders, Andrey Nazarov, was an active political figure. He even headed the government of the republic for six years, and in September 2019 he was appointed to the post of Deputy Prime Minister.
The second founder, Ilshat Nigmatullin, the company's CEO, continues to build. The company specializes in bringing long-term construction projects abandoned by previous developers (Residential Complex "Estet", "Ekopark Nakhabino" and others) to a residential condition, or paying compensation in cases where building no longer makes sense (Residential Complex "Lebedinoe Ozero").
7. FSK Group
Where: Moscow
FSK came into being in 2005, when the larger businessmen, Deripaska and Kerimov, took the Glavmosstroy holding from the smaller businessmen, the Voronin family. And even the family and political connections on which the Russian construction business is based and will be based for a long time, did not help the Voronins to keep a piece of cheese "in their beaks".
However, Vladimir Voronin did not lose heart and continued the family tradition by creating the FSK company. Despite unfavorable forecasts, it managed to become one of the largest development companies in Russia.
6. GC "Samolet"
Where: Moscow
The "Airplane" took off only a few years ago, but from the very beginning it behaved assertively and aggressively. It is distinguished both by the pace of construction and by the price, offering square meters about one-tenth cheaper than competitors.
Perhaps the secret of the company's success lies in its ability to negotiate with landowners. However, evil tongues claim that the real reason is that Samolet's partner is Maxim Vorobyov, the brother of Andrei Vorobyov, the current governor of the Moscow region.
5. Lingonberry
Where: Yekaterinburg
In fifth place in the top 10 most reliable Russian developers according to Forbes is the only Siberian company with the romantic name "Brusnika". It specializes, of course, in the Siberian direction, although the company has attempted to enter the Moscow market. Three years ago, it began building a residential area in the Moscow region city of Vidnoye.
Now the company is planning to merge with the Finnish construction concern YIT. The resulting brainchild will not be engaged in building houses, but exclusively in their maintenance.
4. Setl Group
Where: Saint Petersburg
From the Siberian capital we move to the northern capital, where the headquarters of the fourth place in the rating is located – Setl Group.
Once upon a time, the company's founder, Maxim Shubarev, worked as a simple mechanic, who was taken under the wing of his father's friend, Anatoly Turchak, the director of the plant. And now Anatoly's son, Andrey, is the secretary of the council of the United Russia party.
It is not surprising that with such a background, Setl Group began to develop intensively. It managed to reach 70% from the volumes of the third place in the rating, the company LSR, whose connections were even stronger.
3. LSR Group
Where: Saint Petersburg
The stepfather of the head of the company, Andrey Molchanov, once worked as the vice-rector of Leningrad University. And his assistant was Vladimir Vladimirovich Putin himself. Apparently, since then, a strong male friendship has developed between Andrey and Vladimir, which, as is known, is the best guarantee of financial success in Russia.
In 1993, Andrey, still a student, got busy and privatized the company Stroydetal, from which the company LSR grew. In 2015, it was recognized as one of the systemically important enterprises in Russia. It often got the most lucrative construction morsels, such as the restoration of the Constantine Palace in St. Petersburg. Or the appetizing order to rebuild the residence of the presidential representative in the Northwestern District.
Of course, as Andrei says, his stepfather Yuri’s tenure as vice-governor of St. Petersburg has nothing to do with the orders received.
In addition to St. Petersburg, the company turned its attention to Moscow, where its numerous branches got down to business. It was one of LSR's subsidiaries that was involved in the much-talked-about scandal in Bitsevsky Park, where it was planned to build about 350 square meters of real estate in place of trees and grass.
2. Etalon Group
Where: Saint Petersburg
The company's history began before perestroika, when the current head of the company, Vyacheslav Zarenkov (now one of the richest people in Russia) got busy and took over a construction plant.
Since then, Etalon Group has grown, developed and even dared to stick its nose into the Moscow market, where, as we know, the waters are the murkiest and the fish are the fattest. Etalon bought out the Moscow developer Lider-Invest and firmly established itself in the Russian capital.
However, Zarenkov himself is slowly but surely stepping away from business. Two years ago, he chose to get rid of a number of Etalon shares, putting them into free circulation. Now he has only 5.7% shares left. Whether this is connected with the scandal that thundered on the London financial exchange at the same time – who knows.
Then Etalon managers, taking advantage of the introduction of new accounting standards, increased the company's profit by as much as 12%. On paper. But when traders realized that they were, how can I put it delicately, being cheated, the value of Etalon shares fell by half.
1. GC PIK
Where: Moscow
The leader among Russian developers is the PIK company, the largest construction magnate in Moscow and the Moscow region. The best developer in Russia has been on the market for more than a quarter of a century, and all this time it has been in competitive battles with other large development companies – Morton and SU-155.
This battle ended quite recently – in 2016, when Morton was absorbed by PIK, and SU-155 went bankrupt. There were also changes in PIK itself, where of the three major shareholders who owned approximately the same number of shares in the company, only one remained – billionaire Sergey Gordeev. He currently holds 59,15% shares of the company.
Over the past years, the company has built more than 19 million square meters of residential space. It prefers to work in Moscow and the region, and also – surprisingly – Baku.
There are also conflicts, the most recent of which thundered in Kuntsevo, where residents suddenly discovered that the real resettlement plan has nothing in common with what they were shown. Also, questions are raised by the sudden sale of PIK shares to VTB Bank. According to unverified information, the reason for such haste is an unexpected visit to the PIK office by security officials, who were very interested in the 85 million rubles that had disappeared somewhere.
Whatever happens behind the scenes, PIK is undoubtedly the largest developer in Russia. Moreover, the Russian government has decided to include the company in the “systemically important enterprises of the Russian economy.” This means that even in bad years for the construction business, PIK will definitely stay afloat, at least at the expense of the budget.
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