Net profit of Magnit grew by 39.6% in the first half of the year

In the first half of 2022, Magnit’s net profit under international financial reporting standards (IFRS) increased to 32.034 billion rubles. This is 39.6% more than in the same period in 2021. Operating results published on the company’s website (pdf.). Net profit margin did not change year-on-year and amounted to 2.8%

What are the results of Magnit for the first half of the year:

• the company’s revenue is 1.1 trillion rubles;
• growth in net retail sales, adjusted for the consolidation of Dixy’s business, — 19.8%;
• EBITDA — 80.1 billion rubles;
• EBITDA margin remained unchanged at 7.0%;
• gross profit increased by 38.4% year-on-year to RUB 263.6 billion;
• gross margin did not change year-on-year and amounted to 23.2%;
• selling, general and administrative expenses decreased by 49 basis points year-on-year as a percentage of sales, amounting to 19.7%;
• the total debt increased by 27.4 billion rubles. or 10.3%;
• LFL sales increased 12.6% on the back of a 13.1% increase in average ticket and a 0.5% decrease in traffic.

In 2021 Magnit has gained DIXY Holding Limited, the holding company of a group of companies operating 2,438 Dixy-branded convenience stores and 39 Megamart-branded superstores. Also, 5 distribution centers and more than 700 trucks passed to Magnit. At the end of the year, the net profit of the retailer increased by 37%.

Julia Abugalieva