Financial highlights

  • Revenue for the year, including proceeds from the sale of trading properties, reached US$179.1 million (30% increase year-on-year):

      - Sales of trading properties (residential real estate) contributed US$61.8 million

      - Rental and hotel operating income increased 40% year-on-year to US$117.0 million

      - AFIMALL City contribution increased to US$81.8 million (2016: US$66.2 million), a  24% increase year-on-year

  • Gross profit increased by 24% year-on-year to US$61.0 million (2016: US$49.4 million)  
  • Largely as a result of increased financing costs and a higher income tax, the Company incurred a net loss of US$4.7 million in 2017, an improvement on the loss of US$47.9 million recorded in 2016
  • Total gross value of portfolio of properties was largely unchanged at US$1.42 billion, a slight decrease from the 2016 figure of US$1.44 billion
    • Cash, cash equivalents and marketable securities as of 31 December 2017 stood at US$106.0 million

Operational highlights

  • All four of the Company‚Äôs residential projects, Odinburg, AFI Residence Paveletskaya, Bolshaya Pochtovaya and Botanic Garden, are in the active construction and sales stage.  
  • Construction and pre-sales at projects launched in 2017, Bolshaya Pochtovaya and Botanic Garden, are progressing to plan. As of 10 April 2018, 48 apartments (26% of Phase I) are pre-sold at Bolshaya Pochtovaya and 78 apartments (10% of Phase I) at Botanic Garden.
  • At Odinburg, construction of Building 6 (phase II) started in the second quarter, while the construction of Building 3 (phase I) commenced in the third quarter. As of 10 April 2018, the number of signed sale contracts stood at 676 (96% of total) in Building 2, 144 (64% of total) in Building 6 and 134 (14% of total) in Building 3.
  • The planned construction and pre-sale of apartments at AFI Residence Paveletskaya, proceeded according to schedule with 404 residential unit pre-sale contracts (63% of units under pre-sales) signed as of 10 April 2018.
  • AFIMALL City continues to record solid NOI growth, reaching US$63.0 million in 2017, up from US$50.1 million in 2016.
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