Half-year profits at Russian retailer Magnit jumped almost 40%, pushing its shares higher today (23 July).

Magnit booked a 39.4% rise in net income to RUB14.52bn (US$449m) for the six months to the end of June. EBITDA was up 34.3% at RUB20.55bn.

The retailer, Russia’s largest by sales, reported its revenue numbers last month, which included a 30.3% increase in turnover.

Today it provided like-for-like revenue for the first half of the year, which was up 5.3%.

Shares in London closed up 4.81% at 61p. Magnit shares in Moscow, where it also has a listing, rose 5.97% today.

Reflecting on the results, CEO Sergey Galitskiy remarked: “Dear shareholders: We continue to do quite well. I hope that our results did not dampen your summer mood.