Russia’s largest food retailer, Magnit has announced its reviewed first half 2016 results in accordance with IFRS.
The Company, as of June 2016, has expanded its total store base to 12,888 stores (9,902 convenience stores, 228 hypermarkets, 170 “Magnit Family” stores and 2,588 drogerie stores).
An increase in revenue of 14.67% year-on-year from 454.8 billion RUR in the first half of 2015 rose to 521.5 billion RUR in the first half of this year.
The increase in gross profit was 11.8%, a jump from 127.1 billion RUR to 142.1 billion RUR. The gross margin amounted to 27.24% in 1H 2016.
General inflation amounted to 0.4% in June 2016, according to Rosstat, compared to 0.2% in June 2015.
Food inflation amounted to 0.1% this June, compared to -0.4% the previous June.
EBITDA increased from 48.6 billion RUR in 1H 2015 to 51.6 billion RUR in 1H 2016.
In accordance with the reviewed IFRS consolidated financial statements for 1H 2016, Magnit had revenues of RUB 522 billion and an EBITDA of RUB 52 billion.
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by Aoife Lawless. To subscribe to ESM: The European Supermarket Magazine, click here.