Fix Price plans to start working in the UAE in 2024 – Kommersant
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Retailer Fix Price (MOEX: FIXP) intends to enter the United Arab Emirates market in 2024, said CEO Dmitry Kirsanov. Since the beginning of the year, the company began operating in Armenia and Mongolia and is now represented in nine countries.
“Now we are also working on the launch of our network in the United Arab Emirates and we hope that the first Fix Price stores in this region will open their doors to customers as early as next year,” Mr. Kirsanov said in a statement in the company’s report for the first half of the year (.pdf).
In the second quarter of 2023, the Fix Price chain opened the first stores in Armenia under the franchising program. “We see significant potential to expand our brand in this promising market,” said the CEO. Earlier this year, the retailer entered the Mongolian market with the opening of two stores in Ulaanbaatar.
Fix Price’s revenue in the first half of the year grew by 3% yoy and amounted to RUB 135.7 billion. In the second quarter, the indicator increased by 0.9%. Net profit increased by 286%, to 19.6 billion rubles. The company’s shares on the Moscow Exchange fell by 1% to 434.5 rubles amid the disclosure of financial statements.
About the work of Russian business in the UAE – in the material “Kommersant” “Oh, Dubayushka, let’s go”.
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