Krasnodar, 18 July – Yug Times. Magnit retail chain and Tatneft oil company have reportedly launched a joint project in Krasnodar province.
Two Magnit shops have been opened at Tatneft filling stations on the M-4 Don highway heading for the seaside – in Molkino and Verkhnebakansky. According to Tatneft, soon three other shops will open at its fuel filling stations. The area of the shops varies from 50 to 150 sq m. Oleg Sidnin, Magnit Ultra Small Format Director, was quoted as explaining on the issue that a final decision on the development of the project will be taken after the analysis of marketability of the new shops.
Tatneft explained that they had not invested in the project – all investments had been made by the retailer. Magnit refused to disclose the amount of investment in the project.
According to Magnit JSC’s financial reporting, its neat profit in the first quarter of 2019 fell by 52.2% to 3.5 billion roubles, while net liabilities grew to reach 182.6 billion roubles.