O'KEY Group S.A.
O`KEY GROUP REPORTS NET PROFIT OF RUB 2.0 BN AND 20.3% EBITDA GROWTH IN FY 2024
01-Apr-2025 / 08:30 CET/CEST
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Press release 1 April 2025 O`KEY GROUP REPORTS NET PROFIT OF RUB 2.0 BN AND 20.3% EBITDA GROWTH IN FY 2024 O`KEY Group S.A. (AIX, MOEX: OKEY, the “Group”), one of Russia’s leading food retailers, has announced its financial results for the full year of 2024 based on its audited consolidated financial statements. All materials published by the Group are available on its website okeygroup.lu. FY 2024 financial highlights[1] - Total Group revenue increased by 5.5% YoY to RUB 219.4 bn, driven mainly by LFL net retail revenue growth from both O’KEY hypermarkets and DA! discounters.
- Group gross profit rose by 7.9% YoY to RUB 51.4 bn, while gross margin grew by 0.5 pps to 23.4%, led by efficient procurement and shrinkage cost management.
- Group EBITDA increased by 20.3% YoY to RUB 20.5 bn, while EBITDA margin grew by 1.1 pps to 9.3% due to improved profitability in both business segments.
- O’KEY hypermarkets’ EBITDA increased by 6.2% YoY to RUB 13.4 bn, while EBITDA margin rose by 0.3 pps to 9.1%, driven by revenue growth and optimisation of operating expenses.
- DA! discounters’ EBITDA surged by 61.0% YoY to RUB 7.1 bn, while EBITDA margin rose 2.8 pps YoY to 9.7% in FY 2024. This was driven by both optimisation of operating expenses and a higher share of mature DA! stores in the Group’s portfolio.
- The Group reported a net profit of RUB 2.0 bn in FY 2024, compared to a net loss of RUB 2.9 bn in FY 2023.
Group profit and losses highlights in FY 2024
RUB mln | 2024 | 2023 | ∆ YoY, % | Total Group revenue | 219,358 | 207,865 | 5.5% | O`KEY | 146,967 | 143,980 | 2.1% | DA! | 72,391 | 63,885 | 13.3% | Gross profit | 51,415 | 47,660 | 7.9% | Gross profit margin, % | 23.4% | 22.9% | 0.5pps | Selling, general and administrative expenses | (42,577) | (42,516) | - | SG&A, % of revenue | 19.4% | 20.5% | (1.1pps) | Other operating expenses, net | 753 | (292) | n/a | Finance costs, net | (8,447) | (7,267) | 16.2% | Foreign exchange loss | (304) | (1,074) | n/a | Net profit / (loss) | 1,988 | (2,878) | n/a | Group EBITDA | 20,485 | 17,026 | 20.3% | Group EBITDA margin, % | 9.3% | 8.2% | 1.1pps | O`KEY EBITDA | 13,431 | 12,643 | 6.2% | O`KEY EBITDA margin, % | 9.1% | 8.8% | 0.3pps | DA! EBITDA | 7,054 | 4,383 | 61.0% | DA! EBITDA margin, % | 9.7% | 6.9% | 2.8pps |
Group revenue
RUB mln | 2024 | 2023 | ∆ YoY, % | Total Group revenue | 219,358 | 207,865 | 5.5% | Retail revenue | 217,125 | 205,772 | 5.5% | O`KEY | 144,781 | 141,947 | 2.0% | DA! | 72,344 | 63,825 | 13.3% | Rental income | 2,233 | 2,093 | 6.7% |
Total Group revenue increased by 5.5% YoY to RUB 219,358 mln, driven by both DA! discounters’ and O`KEY hypermarkets’ retail revenue growth in FY 2024. Group retail revenue rose 5.5% YoY to RUB 217,125 mln in FY 2024, primarily led by the LFL performance of both chains. The Group’s rental income increased by 6.7% YoY to RUB 2,233 mln in FY 2024.
Group net retail revenue and LFL revenue
RUB mln | 2024 | 2023 | ∆ YoY, % | LFL 2024 / 2023, % | O`KEY Group | 217,125 | 205,772 | 5.5% | 4.1% | O`KEY hypermarkets | 144,781 | 141,947 | 2.0% | 2.3% | DA! discounters | 72,344 | 63,825 | 13.3% | 8.0% |
For more details regarding net retail revenue dynamics in FY 2024, please refer to the Group’s Q4 2024 Trading Update. Group gross profit In FY 2024, Group gross profit increased by 7.9% YoY to RUB 51,415 mln, while gross margin improved by 0.5 pps YoY to 23.4%, thanks to consistent work on enhancing the efficiency of procurement as well as optimisation of shrinkage costs.
Group selling, general and administrative expenses
RUB mln | 2024 | % of revenue | 2023 | % of revenue | ∆ YoY, pps | Personnel costs | 17,801 | 8.1% | 17,649 | 8.5% | (0.4) | Depreciation and amortisation | 10,495 | 4.8% | 11,069 | 5.3% | (0.5) | Communication and utilities | 5,425 | 2.5% | 5,355 | 2.6% | (0.1) | Advertising and marketing | 2,110 | 1.0% | 2,200 | 1.1% | (0.1) | Repairs and maintenance | 1,845 | 0.8% | 1,780 | 0.9% | (0.1) | Insurance and bank commissions | 1,475 | 0.7% | 1,348 | 0.7% | - | Operating taxes | 864 | 0.4% | 674 | 0.3% | 0.1 | Security expenses | 756 | 0.3% | 771 | 0.4% | (0.1) | Legal and professional expenses | 746 | 0.3% | 718 | 0.3% | - | Operating leases | 564 | 0.3% | 440 | 0.2% | 0.1 | Materials and supplies | |
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