Turkish construction holding Ronesans announced its withdrawal from the Russian market. The company’s press service clarified that the exit from the construction business was completed in May 2022, from the real estate business in June 2023, but this had not been previously reported. This is stated in the holding's message.
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“The strategic decision to move away from direct control in this market has changed Ronesans’ growth strategy. The group’s global presence now extends to various regions, including Turkey, the Netherlands, Germany and the CIS countries with an emphasis on Kazakhstan and Turkmenistan,” the message said.
The company did not provide any other details about its exit from the Russian market.
The company did not provide any other details about its exit from the Russian market.
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The company’s press service reported that revenue for 2023 is expected to be 3.3 billion euros, which is 10% more than in 2022. By the end of 2024, the company has set a turnover target of 4.5 billion euros. The company expects significant revenue growth to be driven by construction revenues associated with international and local investment projects in healthcare and wind farms.
In addition, Ronesans Holding also announced plans to conduct an initial public offering in 2024 (IPO) of Ronesans Real Estate Investment shares.
“This IPO will be the first of potentially many more as the Ronesans Group gains momentum,” it said.
