Magnit says H1 IFRS net profit rises by 35% to 22.9 bln rbl

MOSCOW, Aug 19 (PRIME) – One of Russia’s top grocery retailer Magnit increased its audited net profit by 34.6% in January-June 2021 compared to the same period a year ago as calculated under International Financial Reporting Standards (IFRS), the company said in a report on Thursday.

The figure matched Magnit’s earlier unaudited data, published on July 29.

EBITDA increased by 8.8% to 57.928 billion rubles in January-June. The EBITDA margin in January-June amounted to 7%, the same as a year before. The retailer's total audited revenue, as well as unaudited revenue, increased by 7.7% for the year, reaching 822.23 billion rubles.

The gross profit increased by 7.3% to 192.571 billion rubles. The gross margin in January-June was 23.4% against 23.5% a year earlier.

Magnit's total debt rose by 59.8% to 265.5 billion rubles as of June 30, 2021. Net debt increased by 12.1% to 136.1 billion rubles. The ratio of net debt to EBITDA was 1.2x versus 1.1x at the end of 2020.

Magnit is the largest retail chain in Russia in terms of the number of stores: it had 22,344 stores as of June. The company’s main shareholder is VTB, with 17.28% shares. Marathon Group investment company and Alexander Vinokurov's firms own another 16.7%.

(73.4633 – U.S. $1)

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