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    Retailer Magnit Posts 20% Net Profit Growth

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    Russian grocery store chain Magnit posted a 20.24 percent annual increase in its 2011 net profit to 12.2 billion rubles ($387 million) to IFRS, Magnit said on Monday.

    Russian grocery store chain Magnit posted a 20.24 percent annual increase in its 2011 net profit to 12.2 billion rubles ($387 million) to IFRS, Magnit said on Monday.

     

    Magnit’s revenue in rubles increased by 42 percent year on year, to 335.7 billion rubles while in U.S. dollar terms revenue grew 47 percent to $11 billion, the company said in a statement.

     

    The company’s EBITDA rose by 43 percent to 27.5 billion rubles.

     

    During 2011, the company added 1,254 stores (1,004 convenience stores, 42 hypermarkets and 208 cosmetics stores) to its chain. The total store base as of December 31, 2011 reached 5,309 stores, the firm said.

     

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