Maxima Grupė financial results for 2017: Turnover grew stably in all countries

In 2017, Maxima Grupė continued to steadily grow its business. Group turnover rose 4.2 percent compared with 2016 to EUR 2.806 billion. The company kept a stable level of profitability, with a consolidated net profit for 2017 of EUR 75 million, and invested more than EUR 70 million in fixed assets.

“Stable earnings growth has allowed the group to focus on expanding its operations by opening new stores and renovating old ones, improving customer service, and installing modern in-store solutions. Our aim is for Maxima Grupė, while maintaining its market leadership in the Baltic countries, to continue growing and successfully establishing itself in new markets. The pillars of the group’s strategy are expansion, growth in value, and strengthening of the organisation. Transparent, modern, responsible and self-assured – that’s that kind of organisation we’ll continue to cultivate this year,” says Dalius Misiūnas, the chairman of the board and CEO of Maxima Grupė.

The revenues of all of Maxima Grupė’s retail companies grew during 2017. Turnover of the T-MARKET chain operating in Bulgaria increased the fastest, by nearly a quarter, to EUR 111 million. Second was Aldik, which operates in Poland; its turnover grew more than 9 percent, to EUR 52 million. In the Baltic countries, the MAXIMA retail chain maintained its market-leading positions. Turnover in both Latvia and Estonia grew by more than 4 percent, to EUR 723 million and EUR 464 million, respectively, while in Lithuania it increased 1.7 percent to EUR 1.529 billion.

Maxima Grupė continued to open new stores and modernise old ones in 2017, with related investments of more than EUR 70 million. Over the year 17 new stores were opened, bringing the total number of stores operated by Maxima Grupė companies to 568 by year-end (with 243 stores in Lithuania, 154 in Latvia, 76 in Estonia, 65 in Bulgaria, and 30 in Poland). Retail floor space correspondingly increased by 4.7 percent. Approximately 31 000 employees worked for the group’s companies during the period, with more than half of them (about 15 500) employed by MAXIMA LT.

In 2017, the net profit of Maxima Grupė amounted to EUR 75 million and was EUR 39 million larger than in 2016 (EUR 36 million). If adjusted for one-off expenses, the 2017 net profit would be similar to the 2016 net profit.

Barbora, and electronic retailer of food and daily consumer goods, had revenue of EUR 19.9 million last year, which was 36 percent more than the 2016 revenue of EUR 14.6 million. In 2017, Barbora started providing services in two more Lithuanian cities: Kaunas and Klaipėda. In 2018, Barbora started its operations in Latvia.


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