Page 137 - RusRPTSept23

9.2.4 Construction & Real estate corporate news 9.2.5 Retail corporate news
• Magnit
The net profit of Russian grocery retailer Magnit increased by 15.9% on the year to 34.016bn rubles in January–June, as calculated under International Financial Reporting Standards (IFRS), the company said in a report late on August 30. Revenue increased by 8.2% to 1.229 trillion rubles, while the gross profit gained 6.1% to 280.521bn rubles. Earnings before interest, taxes, depreciation, and amortization (EBITDA) rose by 3.1% to 132.424bn rubles. In accordance with the IAS 17 standards, the company’s net profit rose by 16.5% on the year to 37.317bn rubles in the period, while EBITDA grew by 2.1% to 81.804bn rubles. Like-for-like sales rose by 5.4% with the average like-for-like purchase amount increasing by 3.2% and the like-for-like customer traffic by 2.2%. Net openings of new stores reached 904 in January–June.
• Other
Russian clothes retailer Gloria Jeans has entered the market of Israel and is studying several other markets, including in the Arab states, founder and Chairman of the Board of Directors Vladimir Melnikov told Forbes in an interview released on August 28. "The company is already launching stores in Israel and is considering Greece, Turkey, Egypt and other Arab states," Melnikov said. The businessman said that Gloria Jeans did not expect to get a more than 150bn ruble revenue in Russia under the existing brand or 200–250bn rubles in case of new brands development. "There is no larger market here. We will not be able to sell more in Russia taken people's purchasing power," he said. According to Melnikov, the exodus of foreign brands from Russia has made it uninteresting for people to go to the stores and has made the situation difficult for Gloria Jeans. He separately said that the company planned to produce about 25% of the cloth it uses and buy about 70% in China.
9.2.6 Agriculture corporate news
The net profit of agricultural holding Rusagro soared to 13.191bn rubles in January–June from 470mn rubles in the same period of 2022, as calculated under International Financial Reporting Standards (IFRS), the company said in a statement on August 7. Revenue stood at 106.549bn rubles
RUSSIA Country Report September 2023 www.intellinews.com