Magnit has revealed in its full-year results for 2011 that revenue in rubles increased 42 per cent year-on-year, from R236bn (€5.9bn)) in 2010 to R336bn (€8.4bn).
According to the grocery retailer, the growth was driven by an increase in selling space, adding a net 1,254 stores on the previous 12 months, as well as an 11.1 per cent increase in like-for-like sales.
Net income climbed by 20.24 per cent to R12.2bn (€305m), the group said, against the R10.1bn (€253m) seen last year, while earnings before interest, taxation, depreciation and amortisation increased by 43 per cent to R27.4bn (€686m).
