Russian grocery retailer Magnit has booked an increase in first-half profits on the back of sales growth.
In the six months to the end of June, net profit amounted to RUB10.41bn (US$339.9m) compared to earnings of RUB4.02bn last year, the retailer reported today (23 August).
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
EBITDA almost doubled to RUB20.55bn, while EBITDA margin in the period amounted to 9.9% versus 6.56% in 2011.
Sales in the first half climbed 32.6% year-on-year to RUB207.60bn as a result of an increase in selling space, in addition to a 3.5% increase in like-for-like sales.
In the six-month period, Magnit added 413 stores and increased its selling space by 31.42% in comparison to the first half of 2011.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
