O'KEY Group Announces 35.4% EBITDA Growth for H1 2024

O'KEY Group S.A., a prominent food retailer in Russia, has reported a 35.4% increase in its EBITDA for the first half of 2024. This significant growth was driven by higher revenues and optimized operating costs in both O’KEY hypermarkets and DA! discounters.

The Group's total revenue grew by 6.2% year-over-year, reaching RUB 105.7 billion. This was mainly due to the retail revenue surge from both store formats. The gross profit increased by 6.7% to RUB 24.2 billion, with a slight rise in the gross margin to 22.9%.

EBITDA for O’KEY hypermarkets rose by 18.6%, while DA! discounters saw their EBITDA nearly double. The Group's net profit turned positive at RUB 78 million, compared to a net loss of RUB 3 billion in the same period last year.

The Group attributes its EBITDA growth to improved profitability, efficient procurement, and lower shrinkage costs, alongside the maturation of DA! stores.