Financial Results of Novabev Group for H1 2024
Novabev Group announces the IFRS consolidated financial results for H1 2024: revenue increased by 19%, reaching 57.1 billion rubles, gross profit rose by 9% and exceeded 20.5 billion rubles, EBITDA showed no dynamics, amounting to 7.6 billion rubles, net income decreased by 34% to 2 billion rubles.
Financial highlights and main corporate events:
|
|
H1 2024 |
|
Revenue (mln rubles) |
57 097 (+19%) |
|
Gross profit (mln rubles) |
20 586 (+9%) |
|
EBITDA (mln rubles) |
7 553 (+0%) |
|
Net income (mln rubles) |
2 017 (-34%) |
The company achieved strong revenue and gross profit growth due to increased sales of high-margin brands in the premium and above segments, effective working capital management and the expansion of the WineLab chain.
In the first half of the year, the overall sales amounted to 7.67 million 9L cases. The most dynamic growth was recorded by the premium brands Beluga (+28%), Orthodox (+28%) and Snow Owl (Belaya Sova) (+49.6%) vodkas, Fox & Dogs whisky (+26%), Tiflis Treasure brandy (+11.9%), Devil’s Island rum (+27.8%), as well as Golubitskoe Estate and Tête de Cheval wines, which doubled in volume.
WineLab’s own retail chain sets new records: the number of outlets exceeded 1,800, sales increased by 32.5%, with click & collect sales up 116%, traffic increased by 10.7% and the average ticket by 19.6%. To the moment, more than 7.5 million people are participants of the WINCLUB points-based loyalty program.
The Board of Directors pays attention to the investment attractiveness of the business. In accordance with this policy, dividends were paid for 2023. On August 20, additional ordinary shares were distributed to Novabev Group shareholders. This event will make Novabev Group shares more accessible to more investors by increasing the number of outstanding shares eightfold.
An important corporate event of the period was the upgrade of the company’s credit rating by Expert RA agency in July to ruAA with a stable outlook.
Financial indicators demonstrate the company’s stability in the country’s alcoholic beverages market. The group is successfully implementing a strategy of brand portfolio diversification, focusing on the premium segment and actively expanding its own retail chain WineLab, which is becoming increasingly popular among consumers. These factors, together with efficient working capital management, contribute to sustainable growth of financial performance and further development of Novabev Group in the Russian alcoholic beverages market.