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Interfax.com  |  Interfax news  |  Magnit boosts net profit 49% in Q2, beating...


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July 23, 2014 11:10

Magnit boosts net profit 49% in Q2, beating forecast (Part 2)

MOSCOW. July 23 (Interfax) - Magnit (MOEX: MGNT) increased net income 48.65% in the second quarter of 2014 year-on-year to 12.469 billion rubles under international financial reporting standards (IFRS), the company said in a statement.

Analysts told Interfax in a consensus forecast that the net income would total 10.919 billion rubles.

EBITDA at Russia's largest retail rose 40.78% to 21.664 billion rubles in the three months compared with the consensus forecast of 15.389 billion rubles. The EBITDA margin grew to 11.71% from 10.87% in the second quarter last year and higher than the consensus forecast of 10.77%.

Gross profit increased 33.48% to 52.466 billion rubles and the gross profit margin increased to 28.35% from 27.76% (compared with the consensus forecast of 52.066 billion rubles and 28.2% respectively).

Net revenue rose 30.69% to 185.057 billion rubles.

The press release contains a single-word comment from CEO Sergei Galitsky concerning the second quarter results: "Enjoy."

In the first half, revenue increased 27.93% to 349.047 billion rubles, of which 16.05% was attributable to increases in retail floor space and 10.63% to rising like-for-like sales.

Gross profit in the first half was up 30.59% to 97.132 billion rubles and the gross profit margin increased to 27.83% from 27.26%.

EBITDA jumped 32.39% to 36.544 billion rubles in the six months. The EBITDA margin was 10.47%, up from 10.12% in the same period last year.

First half net income surged 33.78% to 19.457 billion rubles. The net income margin increased to 5.57% from 5.33%.

Magnit added 525 stores (net of closures) in the six months, including 414 convenience stores, eight hypermarkets, 11 Magnit family stores and 92 cosmetics stores.

Magnit is Russia's biggest retail chain by sales revenue and store count. The principal owner is CEO Sergei Galitsky, who owns 38.67% of shares outright.

The chain included 8,618 stores as of the end of June 2014, including 7,614 convenience stores, 169 hypermarkets, 57 Magnit family stores and 778 cosmetics stores.

Jh of

(Our editorial staff can be reached at eng.editors@interfax.ru)

/Interfax/
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