September 27, 2022

by Ian Walker

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Fixed Price Group Ltd on Monday suspended the payment of its dividend as a result of the impact that ongoing war-related sanctions in Ukraine are having on trade, as it reported nearly half its net profit attributable to foreign trade. Exchange losses and high taxes.

The Russian company, which operates a retail chain of discount variety stores, said it planned its dividend policy and a final dividend payment of 5.8 billion rubles ($95.9 million) for 2021. Nevertheless, the company said it is committed to dividend payments and expects to resume them once the situation with restrictions stabilizes.

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Net profit for the half year was RUB5.1 billion compared to RUB9.79 billion.

However, revenue for the period increased from RUB 106.12 billion to RUB 131.79 billion. Within this, retail revenue grew 25% to RUB116.69 billion, while wholesale revenue grew 15% to RUB15.1 billion.

Write to Ian Walker at [email protected]

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