Magnit has announced this week that its net result for 2010 increased 16.1 per cent on the prior 12 months, up to US$333.7m (€236m) from the US$275.2m (€194.9m) recorded in 2009.
Full-year earnings before interest, taxation, depreciation and amortisation (EBITDA) rose 24 per cent from US$509.5m (€361m) to US$631.6m (€447m), as revenues soared by over 45 per cent to US$7.8bn (€5.5bn).
These stronger sales were the result of a 9.1 per cent increase in like-for-like sales, Magnit said, accompanied by the significantly increased sales area the group had built up.
'We consider 2010 results positive,' said group CEO Sergey Galitskiy. 'We would like to mark two trends that appeared in the fourth quarter of last year: strong price growth of fuel and a significant increase in the number of stores included in the renovation programme.
'Speaking about this year's expectations, we are optimistic and look to considerable rates of sales growth,' he added.
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