© Sputnik / Kirill Kalinnikov

Russian fast-food chain Vkusno i Tochka, which replaced McDonald’s after the US company left the country due to sanctions, more than doubled its revenues last year, according to an earnings report cited by Interfax.

The fast-food chain saw revenues jump to 155.7 billion rubles ($1.68 billion) in 2023, which was 2.1 times higher than the previous year, the news agency said on Monday.

Sales surged to 128.3 billion rubles, 1.7 times higher than in 2023, while annual net profit was reported at 14.2 billion rubles, compared to 11.6 billion rubles in 2022 and just 2 billion rubles in 2021.

The company attributed the increase to the addition of 37 new restaurants and the fact that all its outlets operated throughout the year. In comparison, in 2022 most restaurants stood idle between mid-March and June, when the company was changing hands and rebranding. In addition, the chain said it has benefited from completely re-launching its customer services, including delivery.

Vkusno i Tochka, which roughly translates as ‘Just Tasty’, took over from McDonald’s in Russia after the US fast-food giant announced its intention to leave the market in March 2022. The American firm cited intense international pressure and sanctions imposed on Russia over the Ukraine conflict as the reasons behind the move.

READ MORE: Number of Western firms that left Russia revealed

By June 2022, all of McDonald’s Russian outlets had been sold to the company’s local licensee, Aleksander Govor, who renamed and rebranded the chain. McDonald’s later revealed that leaving Russia had cost the company $1.3 billion.

Vkusno i Tochka currently has over 880 restaurants in 64 Russian regions.

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