Magnit 1H ’12 Net Profit Soars 142% to $340 Mln

Russian grocery store chain Magnit saw first half 2012 unaudited net profit skyrocket 142 percent year-on-year to $339.56 million under IFRS, the company said in a statement on Tuesday.

The company’s ruble revenues rose 33 percent year on year from January-June 2012 to 207.603 billion rubles, while in U.S. dollar terms revenue grew 24 percent to $6.776 billion. The company attributed the revenue growth to an increased in trading space and a 3.5 percent growth in like-for-like sales.

Magnit’s EBITDA rose 100 percent year-on-year to 20.547 billion rubles ($671 million).

Magnit added 262 convenience stores, eight hypermarkets, two Magnit Family outlets and 141 cosmetics stores to its chain in the first six months of this year. The total store base reached 5,722 stores as of June 30, 2012.

“We have worked cool [in the first half of year]!” Magnit CEO Sergei Galitskiy was quoted in the statement as saying.


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