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Russia’s Ozon reports 55% jump in 2022 revenue

MOSCOW (Reuters) – Russian online retailer Ozon on Thursday said its 2022 revenue jumped 55% to 277.1 billion roubles ($3.4 billion) but costs related to a major fire a fulfilment centre pushed it to a larger annual loss.

Ozon’s gross merchandise value (GMV) – the total value of goods and services sold by the platform – jumped 86% to 832.2 billion roubles ($10.30 billion), the unaudited financial results showed.

The number of orders placed on the platform more than doubled to 465 million during the year, the company said. Losses rose 2% to 58.2 billion roubles.

Ozon is Russia’s second-largest online retailer, behind privately-owned Wildberries. The company is currently appealing a decision by the U.S. NASDAQ exchange to de-list its shares, which have not traded on the American bourse since February 2022, days after Russia ordered tens of thousands of troops into Ukraine and the West hit Moscow with an unprecedented package of economic sanctions.

For the fourth quarter of 2022, Ozon’s GMV was up 67% at 296 billion roubles and losses shrank by 46% to 11.2 billion roubles compared to the same period of 2021, Ozon said. Revenue was up 41% year-on-year during the three months to 93.6 billion roubles.

The company also said its adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) were positive in the fourth quarter at 3.9 billion roubles, compared to minus 15.9 billion roubles for the final three months of 2021.

($1 = 80.8000 roubles)

(Reporting by Alexander Marrow and Olga Popova; Writing by Jake Cordell; editing by Jason Neely, Kirsten Donovan)

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