Support The Moscow Times!

Magnit Profits Surge

Magnit, Russia's largest food retailer by stores, topped profit forecasts for the third quarter.

Net profit amounted to 2.96 billion rubles ($98.8 million), or $102 million based on the average exchange rate for July through September.

"Quick growth remains the priority of our expansion. … Rapid-growing companies cannot have EBITDA margin comparable to companies with lower growth rates," chief executive and controlling shareholder Sergei Galitsky said. Magnit plans to spend $1.8 billion on opening another 1,000 or so stores this year, financing this mainly with bank loans and domestic bonds. Its margin on the basis of earnings before interest, taxes, depreciation and amortization declined to 8.39 percent from 9.3 percent a year ago.

(Reuters)

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more