Beluga Group reported that its first-half 2023 net profit rose by 35 percent, underscoring a profitable period across its portfolio of companies. The expansion in earnings reflects disciplined cost management and strategic execution that supported stronger bottom-line results despite macro headwinds.
The group’s revenue climbed to 47.9 billion rubles, marking a 14 percent increase year over year. This growth was driven by sustained demand for its diversified product mix and improved efficiency across distribution channels, which helped convert higher sales into greater gross profitability.
In its official briefing, the group highlighted that EBITDA advanced by 5 percent to reach 7.6 billion rubles, while net profit expanded to 3 billion rubles. These metrics indicate a healthy operating performance and a resilient earnings trajectory, supported by a mix of premium product penetration and favorable pricing strategies.
The rise in net profit is attributed to a calibrated pricing approach and an increasing share of premium items within the sales mix. By prioritizing higher-margin offerings and maintaining competitive pricing, the Beluga Group managed to strengthen margins while expanding its market footprint.
Earlier reporting from the Russian Central Bank noted that domestic banks achieved a record level of earnings for the first half of the year, totaling 1.7 trillion rubles. Within June alone, a portion of the reported revenue emerged from currency revaluations driven by ruble fluctuations, contributing to the observed profit landscape in the financial sector.
Overall, the first half of 2023 saw the industry collectively amass 1.7 trillion rubles in earnings. The period highlighted resilience amid currency dynamics and an economy adjusting to broader monetary shifts, with many financial and non-financial players navigating evolving conditions.
The Central Bank of Russia responded to changing conditions by adjusting the key rate higher to 8.5 percent, an action that influenced borrowing costs, consumer spending, and investment sentiment across the market. This policy adjustment formed part of a broader strategy to manage inflation risks while supporting financial stability and long-term growth prospects for the economy.