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in revenues under IFRS to RUB66bn ($1.1bn) in 1H22, with EBITDA jumping by 125% y/y to RUB18bn, making a record 28% margin, and net profit up by 69% y/y to RUB5.3bn.
Samolet is Russia's fourth-largest developer and second-largest in the Moscow Region. In October 2020 Samolet held an IPO on the Moscow Exchange. Prior to Russia's invasion of Ukraine, Samolet has maintained its bullish sales goals, believing the market is materially undersupplied and keeping expectations of the average price increase at 10% annually.
As for PIK, prior to the invasion of Ukraine the company announced a major shift away from pure residential development to being a company driven by new tech solutions and strong fee-based businesses. Some analysts argued that the developer could double its business by 2024 on the launch of new projects, its asset-light and low-risk fee-development operations, and its rapidly growing ecosystem revenue.
9.2.5 Retail corporate news
• Magnit
Russia’s second-largest offline food retailer Magnit has announced the approval of the acquisition of a 33.01% stake in Sambury, the largest retail chain in the Far East district by the Federal Antimonopoly Service (FAS) for an undisclosed amount. Magnit is Russia's second-largest retailer by revenue. As of June 30, 2022, it had more than 26,700 shops, with revenues for the first half of 2022 up 39% year on year at RUB1.1 trillion. The company maintained gains on the consolidation of discount retailer Dixy that it acquired in 2021. In 2023 the company also announced a major acquisition in the e-commerce sector that could reignite Russian e-grocery race among large offline retailers.
9.2.7 TMT corporate news
Russia launched a beta testing version of RuWiki platform, an RuNet alternative to Wikipedia, which could lead to blocking Wikipedia itself in the country if the domestic analogue proves to be successful, The Bell reports. As followed by bne IntelliNews, while Russia has banned the Instagram and Facebook social networks (Meta), major video hosting platform YouTube and Wikipedia online resource remain available. The race to set up a competitive video hosting service and RuWiki is part of the effort to replace foreign internet services with home-grown platforms as a consequence of the full-scale military invasion of Ukraine. Currently RuWiki is a copy of all 1.9mn Russian-language Wikipedia articles, on the basis of which a separate team is now creating its
129 RUSSIA Country Report February 2024 www.intellinews.com