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China, Philippines in naval head-to-head near Scarborough Shoal
4 hours ago
Russian retailer O’Key reported IFRS revenue of RUB80bn ($0.9bn) in 2025, up 10% year-on-year (y/y), while EBITDA increased by 12.5% y/y to RUB7.9bn and net net profit was up by 29% y/y to RUB2bn ($22mn), according to company disclosures.
As covered by IntelliNews, since 2021, the hypermarket retail format in the portfolio of O'Key had been a drag on the company's margins, but the company has been reorienting into the hard discounter format and managed to post a profit in 2024.
O’Key announced a sale of the business to its management in December 2024, with the hypermarket portfolio later picked up by Lenta retailer of steel tycoon Alexei Mordashev.
Following the disposal of its O’Key hypermarket business to management in November 2025, the group’s remaining operations now consist solely of the DA! discount chain.
Post-restructuring, the revenue growth was driven by like-for-like sales growth of 7.9% y/y and a 3.4% increase in retail space.
Notably, divesting the hypermarket assets, O’Key balance sheet improved substantially, with net debt transforming into a net cash position of RUB8bn ($87mn).
Renaissance Capital analysts noted that separate reporting for O’Key LLC confirmed continued weakness in the hypermarket segment before disposal. Revenue from continuing operations declined by 1.4% y/y to RUB143bn ($1.6bn), operating profit fell by 32% y/y to RUB5.7bn ($62mn), while net loss widened to RUB6.5bn ($71mn) from RUB0.6bn a year earlier.
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