Russia's Ozon lifts forecast for turnover on its e-commerce platform

Ozon Holdings

06/06/2023 11:29

* 
      This content was produced in Russia where the law
restricts
coverage of Russian military operations in Ukraine
    

  
       MOSCOW, June 6 (Reuters) - Russian e-commerce firm Ozon
 OZON.O  on Wednesday raised its growth forecast for goods
turnover on its platform to more than 70% this year, sending its
depositary receipts higher to sharply outperform the wider
Moscow market. 
    Russia's second-largest online retailer, Ozon 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. Its Moscow-listed depositary receipts  OZONDR.MM 
were up 2.9% at 1024 GMT. 
    Ozon has not been sanctioned by the West over Moscow's
actions in Ukraine and has become a key seller of Western
products after foreign companies reduced exports and closed
operations in Russia. It has opened offices in China, Turkey and
Kyrgyzstan in the past year and plans to do so in Armenia, too. 
    Ozon Chief Financial Officer Igor Gerasimov told an investor
conference the company expected growth in its gross merchandise
value (GMV) - the total value of goods and services sold on the
platform - to be at least 70% in 2023. It had previously
expected growth of no less than 60%.
    Ozon's GMV in 2022 grew 86% to 832.3 billion roubles ($10.24
billion). 
    The company's core earnings grew for the fourth quarter in a
row in January-March this year. Dividends would be paid once
Ozon has exhausted its growth potential, Gerasimov said. 
    ($1 = 81.2800 roubles)

 (Reporting by Olga Popova; Writing by Alexander Marrow; Editing
by Mark Potter)
 ((alexander.marrow@thomsonreuters.com;))