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.

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By GlobalData