Magnit doubles profit in 2012

Russian retailer Magnit has reported consolidated unaudited net retail revenue of RUB448.661 billion (USD14.479 billion) for fiscal 2012, up 33.6% on the previous year. Its profit doubled to RUB25 billion (USD807 million) compared to 2011. The retailer reported a solid net profit margin of 5.57%, while EBITDA margin grew to 10.56%.

Magnit plans to continue in its rapid expansion with capex of USD1.8 billion in 2013. The retailer plans to open over 1,400 stores including 1,100 supermarkets and neighbourhood stores, 60 hypermarkets and 250 drugstores and perfumeries.

Magnit also intends to open four distribution centres and expand its logistics fleet by 1,200 trucks.