Magnit audited IFRS net profit doubles to 38 bln rbl in 2020

MOSCOW, Mar 15 (PRIME) -- The audited net profit of Russian grocery retailer Magnit more than doubled on the year to 37.781 billion rubles in 2020, as calculated under International Financial Reporting Standards (IFRS), the company said in a report on Monday.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 31.6 % to 109.41 billion rubles. The EBITDA margin rose to 7% from 6.1% in 2019. The gross profit grew by 17.2% to 365.729 billion rubles.

The company’s overall debt fell by 9.8% from December 31, 2019, to 166.1 billion rubles as of December 31, 2020 and the net debt fell by 30.7% to 121.4 billion rubles. The net debt to EBITDA ratio fell to 1.1x from 3.6x.

(73.5081 – U.S. $1)

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