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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.