OR Group's net profit in 2020 decreased by 66,6%
OR Group (formerly Obuv Rossii Group of Companies) announced its results for 2020, according to which the group's net profit for the year decreased by 66,6% to RUB 563 million. The group's net debt in the reporting period increased by 7,7% to RUB 12,599 billion.
The group's revenue in 2020 decreased by 21,4% and amounted to RUB 10,772 billion. Uheggs' revenue includes sales of the westfalika.ru trading platform (RUB 4,527 billion), proceeds from the wholesale of goods (RUB 3,549 billion) and proceeds from cash lending activities (RUB 2,696 billion). The growth of proceeds from the issuance of cash loans amounted to more than 26%. The share of revenue from lending activities in 2020 exceeded 25%.
“Despite the unprecedented quarantine restrictions that were introduced in the regions during the first half of the year, the company showed strong financial results in the second half of the year. This became possible due to business diversification, modernization of the retail format, development of a marketplace, online sales and financial services, - said Anton Titov, director of OR GROUP. “I think we ended the year as a whole with good net income and EBITDA margin, despite the difficult economic situation in 2020.” The group's plans for 2021 are to improve the diversified business model, increase sales of partner goods in the retail network and on the westfalika.ru marketplace, and develop an ecosystem of services for buyers.
OR GROUP (formerly Obuv Rossii group of companies), a modern trading platform on the basis of which the company develops the westfalika.ru marketplace and an ecosystem of services and manages a network of retail and service outlets under the Westfalika brand, numbering 8364 objects in 333 cities of Russia. In 2019, the group's revenue amounted to RUB 13,7 billion, net profit - RUB 1,7 billion, EBITDA - RUB 3,6 billion.
OR Group (formerly Obuv Rossii Group of Companies) announced its results for 2020, according to which the group's net profit for the year decreased by 66,6% to RUB 563 million. Net debt ...
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