Russian Corporate Results: Growth Leaders and Laggards
This season, the standout sector is fuel retail (АЗС) with median revenue growth of +42.7% YoY, followed by medicine (+27.9%) and IT/electronic trading (+20.6%). At the other end, coal (-26.4%), metallurgy (-18.6%), and chemicals (-17.5%) are the deepest laggards, reflecting weak commodity prices and demand.
Revenue growth by industry (median YoY)
Growth Leaders and Laggards
Among individual companies, Mosgorlombard (MGKL, Finance) leads with revenue growth of +298.2% YoY, though prior year was also elevated at +295.2%. VTB (VTBR, Finance) follows with +274.1% YoY, accelerating from -22.7% a year ago. In IT, Positive (POSI) posted +45.6% revenue growth with EBITDA up +90.2% and net profit +50.0%. At the other extreme, SFI Holding (SFIN, Finance) saw revenue collapse -91.5% YoY, while Uniwagon (UWGN, Transport) dropped -54.9%.
Several companies show notable deceleration: Aeroflot (AFLT, Transport) slowed from +40.0% revenue growth to +5.7% YoY, while net profit swung from +492.4% to -144.3%. Astra (ASTR, IT) decelerated sharply from +80.3% to -15.4% YoY. In contrast, accelerators include IDGC South (MRKY, Power) which surged from +10.5% to +146.7% YoY, and SCF Group (FLOT, Transport) which reversed from -12.8% to +33.5%.
For long-term growth, APRI (APRI, Development) stands out with a 3-year revenue CAGR of +157.5%, albeit with net profit down -8.0% in the latest year. Mosgorlombard (MGKL, Finance) also shows a stellar CAGR of +197.7%, though growth is from a low base. In IT, OZON (OZON) has a CAGR of +53.3%, while Positive (POSI) and ArenaData (DATA) post CAGRs of +30.9% and +52.0% respectively.
Players: growth & yield (no absolute levels)
| Company | Industry | Revenue YoY | EBITDA YoY | Net profit YoY |
|---|---|---|---|---|
| Lukoil (FY) | Oil & Gas | -14.8% | -36.4% | -233.3% |
| Magnit (FY) | Retail | +15.3% | +3.0% | -171.2% |
| Gazprom (Q1) | Oil & Gas | -0.3% | +17.5% | -45.9% |
| Rosneft (Q1) | Oil & Gas | -11.0% | +24.0% | -41.5% |
| FGC UES (FY) | Utilities | +21.8% | +471.2% | +274.0% |
| Tatneft (FY) | Oil & Gas | -10.5% | -29.6% | -50.8% |
| Novatek (FY) | Oil & Gas | -6.5% | -6.7% | -62.8% |
| En+ Group (FY) | Utilities | +2.2% | -11.5% | -85.3% |
| X5 Retail Group (Q1) | Retail | +11.3% | +25.8% | -27.6% |
| Rusal (FY) | Metals & Steel | +3.6% | -24.3% | -147.9% |
| Nornickel (FY) | Mining | -7.2% | -4.9% | +15.0% |
| Bashneft (FY) | Oil & Gas | -12.3% | -19.2% | -55.1% |
| Sberbank (Q1) | Financial Services | +18.2% | — | +16.5% |
| Gazprom Neft (Q1) | Oil & Gas | -3.7% | +19.0% | -5.2% |