Dixy, the Russian retailer, has booked a first-half net profit of US$11.5m, as rising sales and lower debt service costs drove earnings.
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The company, which last year posted a net loss of $4.96m, said growth in operating income and a fall in debt service expenses had led to the business bouncing back into the black.
EBITDA more than doubled to $51.97m, while turnover climbed 49.1% to $964.4m. On a like-for-like basis, sales were up 17.2%.
Dixy president Vitaly Klyuchnikov said the results showed the effectiveness of the company’s strategy. “For the first half of this year, we have simultaneously boosted our sales and profit figures together with the profitability margins of our business,” he said. “These results confirm the status of our company as one of the leading companies in the Russian food retail sector.”
Dixy runs over 400 stores in Russia with the majority of the outlets in the discount sector.
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By GlobalDataRussian conglomerate Mercury owns a controlling stake of 51% in the business.
