Novabev Group boosts revenue 16% to record-level 135.5 bln rubles in 2024
MOSCOW. March 26 (Interfax) - Novabev Group , which is among Russia's leading producers and distributors of alcoholic beverages, boosted revenue 16% to a record-level 135.5 billion rubles in 2024, the company said in a press release.
Gross profit grew 12% to 48.4 billion rubles, EBITDA was practically unchanged at 18.7 billion rubles and net profit fell to 4.6 billion rubles, or 5.9 billion rubles excluding non-operating costs, the company reported.
The company attributes the record growth in revenue to the upscaling of the WineLab chain. The number of WineLab stores increased by 23% to 2,041, total sales grew by 27.5%, traffic by 11.2%, the average bill by 14.6% and comparable sales by 11%. Click-and-collect orders increased by 39% in 2024.
The company named its focus on premium brands in its portfolio as another factor contributing to the growth in revenue, allowing it to increase gross profit in combination with other factors.
EBITDA remained at essentially the same level, which the company attributed to the accelerated pace with which new WineLab stores were opened in the second half of 2024. The company expects the stores to boost the EBITDA value as they reach maturity in 2025.
The EBITDA margin fell to 13.8% from 16.5% the previous year. "The main pressure came from rising inflation of costs in all segments, a high proportion of new WineLab stores that have not yet reached operational efficiency and continued labor market tensions," the press release reads.
Despite "ongoing turbulence in the debt markets, the group has achieved a record low Net financial debt to EBITDA IAS 17 ratio, excluding the lease liabilities, of 0.9x at the end of 2024. At the same time, the group's net debt to EBITDA ratio, including lease liabilities, remained at a comfortable level of 1.9x," the company said.
"In parallel, the company actively invested in the accelerated opening of new stores and the development of the IT infrastructure, which resulted in a significant increase in lease liabilities. Nevertheless, at the end of 2024 the company's cash position, including deposits, amounted to 22.5 billion rubles. This is a record for the Novabev Group and provides the necessary comfort in conditions of financial instability," the group said.
Novabev cut sales of alcoholic beverages 4.2% to 16.2 million decaliters in 2024. Sales of in-house brands decreased 4% to 12.8 million dal. Sales of imported brands fell 4.8% to 3.4 million dal.
Sales with excise and without VAT grew 12% to 167.6 billion rubles.
The group owns five distilleries, one pure spirit plant, the Golubitskoye Estate winery, its own distribution system and the WineLab retail chain. The group is also the exclusive supplier of wine from a number of global producers and brands.
