MOSCOW, March 12. /TASS/. M.Video-Eldorado group, which unites two Russian retail chains of household appliances and electronics, in 2023 reduced its net loss under IFRS by 30.7% year-on-year to 5.2 bln rubles ($57.36 mln) (under IFRS 17), the company said. At the same time, the retailer returned to net profit in the Q4, with the figure reaching 1.6 bln rubles ($17.65 mln).

"According to the statement, in the Q4, the company received a net profit of 1.6 bln rubles compared to a loss of 0.9 bln rubles for the same period a year earlier," according to the group's financial director Anna Garmanova, who was quoted in the press release. She noted that the company expects further improvement in key figures, including a reduction in debt burden, by the end of 2024.

M.Video-Eldorado EBITDA in 2023 increased by 48.8%, to 21.5 bln rubles ($236.9 mln), while in the Q4 the figure increased by 91% to 9.6 bln rubles ($105.8 mln). The retailer's revenue for the year increased by 7.9% to 434.4 bln rubles ($4.78 mln). The company's EBITDA margin last year reached 4.95% against 3.6% a year earlier, in the Q4 - 6.7% against 4.9% in October-December 2022.

As of December 31, 2023, the group's total debt decreased in annual terms by 9.6% and amounted to 86.4 bln rubles ($951.9 mln). Net debt amounted to 67.8 bln rubles ($747.11 mln), an increase of 3.5% year-on-year. The net debt to EBITDA ratio at the end of 2023 was 3.2x against 4.5x at December 31, 2022.