It has been a successful first half of the year for Russian group Magnit, with group profit soaring by 147 per cent to hit RUR3.9bn (€87.2m), up from RU1.6bn (€35.8m) in 2008.
Revenue in rubles increased 33 per cent from RUR59bn (€1.3bn) to RUR78.6bn (€1.7bn), with earnings before interest, taxation, depreciation and amortisation up 95.6 per cent to RU7.4bn (€165m).
'Positive first-half results confirm that we have chosen our strategic direction correctly,' said group CEO Sergey Galitsky. 'The company has a small amount of debt, at the same time reinvesting almost all profits in business and focusing on a strict cost control. We are targeting further optimisation of all business processes.'
Additionally, the group opened 226 new stores during the first half of 2009,increasing selling space by 26.7 per cent to over 905,000m2.
