Holding company MM Grupp, owned by businessman Margus Linnamäe, has reported yearly profits of over €300 million, the bulk of which has come from the progress of selling a major pan-Baltic advertising company. The group made losses on its pharmaceutical businesses, it says, the result of last year’s pharmacy reforms.
The MM Grupp says total profits stood at €302 million across all sales.
The bulk of this derived from the sale of Baltic Classifieds Group, a company that had consolidated the Estonian, Latvian and Lithuanian advertising business in July 2019, to the Apax Partners fund, for an undisclosed sum.
Excluding financial transactions and the sale of subsidiaries, MM Group earned a profit of €3.8 million, the company says, and sales revenue of €711 million.
The MM Group owns a number of different companies and brands, including the Postimees Grupp, operator of the daily newspaper of the same name.
The four-page annual report covers all companies in which Margus Linnamäe has a stake: The Magnum pharmaceutical wholesalers, Pet City animal stores, Postimees Grupp, Apollo cinemas and bookstores, and IM Computers and Valge Klaar – which sell Apple products – among others. Apollo is the group responsible for bringing KFC to Estonia.
Read more: ERR.EE