O`KEY Group S.A. (AIX, LSE, MOEX: OKEY, the “Group”), one of Russia’s leading food retailers, has announced its financial results for the first six months of 2023 based on condensed consolidated interim financial statements.
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All results are according to IFRS 16, unless stated otherwise.
H1 2023 FINANCIAL HIGHLIGHTS
- Total Group revenue increased by 1.7% YoY to RUB 99.5 bn driven by both retail revenue and rental income.
- Group gross profit rose by 1.6% to RUB 22.7 bn, with gross margin remaining flat YoY at 22.8% thanks to efficient procurement, assortment management and logistics.
- Group EBITDA decreased by 5.4% YoY to RUB 7.1 bn, while EBITDA margin declined by 0.6 pps YoY to 7.1%, mainly on the back of temporary SG&A pressure from new store openings in the discounter segment. The Group expects EBITDA margin to normalise by the year-end, as recently opened discounters ramp up.
- The Group reported net loss of RUB 3.0 bn in H1 2023 compared to a RUB 0.6 bn net profit in H1 2022, mainly due to a non-cash foreign exchange loss and an increase in finance costs.
- In July 2023, the National Credit Rating (NCR) agency assigned an A.ru credit rating (Stable outlook) to O`KEY LLC, the main operating subsidiary of O`KEY Group S.A.
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For further information please contact:
Natalya Belyavskaya
Head of Investor Relations
+7 495 663 6677 ext. 266
natalya.belyavskaya@okmarket.ru
www.okeygroup.lu