Page 131 - bneIntelliNews monthly country report Russia May 2024

to 85.6%.
To remind, since 2022 Russian airlines have been in disarray following the sanctions for the Russian military invasion of Ukraine, facing airspace closures and having to return or buy out leased passenger aircraft worth about $20bn from foreign leasing companies.
However, in 2023 the passenger turnover recovered to the pre-war levels boosted by the domestic traffic. The growth in traffic is accompanied by growing ticket prices.
Aeroflot previously posted passenger turnover of 47.3mn people in 2023, up by 16.3% y/y, and, notably, 3.3% above the 2021 reading, prior to the aviation industry shakedown due to sanctions for Russia’s full-scale military invasion of Ukraine.
Previously the growth in domestic traffic of Aeroflot was attributed to betting on the regional hubs the group has been developing in the past three years and the abundant state support the national carrier receives.
Aeroflot posted adjusted net IFRS profit of RUB10.2bn ($112mn) for 2023 versus RUB41bn loss seen in 2022, Tass reports citing the company. For 4Q23 alone, adjusted net profit amounted to RUB8.3bn ($91.2mn) versus RUB40bn loss for the same quarter of 2022. Aeroflot increased revenues in 2023 by 48% to RUB612bn ($6.7bn).
9.2.4 Construction & Real estate corporate news
9.2.5 Retail corporate news
On April 26 Samolet Group disclosed its financial results under IFRS for 2023. Revenue grew by 49% y/y to 256 billion rubles, EBITDA increased by 76% y/y to 72 billion rubles. Net profit for shareholders increased by 44% and amounted to 16.4 billion rubles.
• X5
X5 disclosed its 1Q24 financial results. Revenue grew by 27% y/y and amounted to RUB 886bn. Gross margin remained at 1Q23 (23.7%), which, in our view, is a good result in the context of the consumer environment and the company's strong LfL performance. We also note a decrease in personnel and rental costs as a percentage of revenue, partly due to positive operating leverage and partly due to a shift in the calendarisation of wage indexations. The effect was more significant than the increase in costs associated with the delivery segment (costs for couriers and aggregator commissions) and marketing. As a result, adjusted profitability EBITDA increased by 48 bps. up to
131 RUSSIA Country Report May 2024 www.intellinews.com