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).
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.
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.
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