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O’Key posts $55 mln net profit under IFRS for 2017 versus loss in 2016

March 30, 2:01 UTC+3 MOSCOW

Revenue went slightly up by 1.1% in the reporting period to 177.5 bln rubles

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MOSCOW, March 30. /TASS/. Net profit of Russia’s food retailer O’Key Group under International Financial Reporting Standards (IFRS) amounted to 3.2 bln rubles ($55.8 mln) in 2017 versus loss of 138 mln rubles ($2.4 mln) in 2016, the company said in a statement.

Revenue went slightly up by 1.1% in the reporting period to 177.5 bln rubles ($3 bln).

EBITDA edged up 1% in 2017 versus 2016 to 9.3 bln rubles ($162 mln), EBITDA margin was flat at 5.3%.

In 2018, the company expects moderate growth of net retail revenue amid the opening of two new hypermarkets. It also expects 2019 to become a groundbreaking year for the company, the report said. In 2020, the retailer anticipates acceleration of growth backed by higher revenue per unit area and the opening of new stores.

Okey Group of companies was founded in St. Petersburg in 2002. As of March 29, 2018, the company's network includes 145 stores across Russia. Among the shareholders of the company are Nisemax Co Ltd. - 50.9%, GSU Ltd - 28%, while 21% are in free float.

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