Dixy Sees Q4 Net Profit Up 6.8% to $10 Mln

Russian food retailer Dixy saw fourth quarter 2011 net profit rise 6.8 percent year-on-year to 315 million rubles ($10 million) to IFRS, the company said in a statement on Tuesday.

The company saw revenue jump 87.8 percent year on year for the quarter to 34.048 billion rubles ($1.1 billion) on the back of increased like for like sales and the incorporation of Victoria Group into the result, after Dixy bought it in early 2011.

Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) for the fourth quarter rose 68.7 percent to 2.2 billion rubles ($73 million), while the EBITDA margin decreased to 6.6 percent from 7.4 percent. Net margin for the quarter fell by 70 basis points from 1.6 percent of sales in the fourth quarter of 2010 to 0.9 percent in 2011.

Other factors crimping the fourth quarter net result included income taxation expenses rising 105 percent year on year to 401 million rubles and finance costs rising 141 percent to 457 million rubles.

For the full year 2011 Dixy saw net profit soar 327.3 percent year on year to 1.1 billion rubles ($37 million), as revenues climbed 59.3 percent year on year to 102.3 billion rubles ($3.5 billion), with full year EBITDA rising 78.5 percent to 6.5 billion ruble.

Full year net margin was up 68 basis points year on year to 1.1 percent of sales, from 0.4 percent a year earlier.

Dixy opened 255 outlets in 2011 and increased its number of stores to 1,119 as of December 31, 2011.


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