"Agara Sugar Company", the only sugar producer in Georgia, owns a processing plant in the village of Agara in Shida Kartli. Apart from sugar production, the company also imports a finished product.
As per the 2022 financial report, "Agara Sugar Company’s" income soared by GEL 71 million to GEL 211 million. The company’s net profit also increased sharply to GEL 1.4 million instead of GEL 12.6 million.
According to the report, last year Agara sugar factory processed 86.9 thousand tons of raw materials (sugar cane) that is 27% more than in the previous year.
The company’s total income is as follows:
Sales of finished products of own production - GEL 162.1 million, an increase of 28%;
Resale of goods - 37.2 million GEL, an increase of 188%;
Sales of co-products - 11.4 million GEL, an increase of 3,700%.
According to the financial report, in 2022 "Agara Sugar Company" paid GEL 16 million in taxes.
"The factory’s operation directly depends on the difference between the price of raw sugar cane and the price of the finished white sugar product in the global market. If the difference between these two is large, the company's activity is more profitable, while if the difference decreases, the financial indicators deteriorate", the company's report says.
According to the public register, 51% of shares in Agara Sugar Company LLC are owned by Anatolia Trade Company LLC, 16.335% by Nirezone-Georgia LLC, 24.497% by Universal Capital Group LLC, the remaining 8.168% by Anatolia Holding Company Limited / United Arab Emirates. The director of the company is Alkhan Alizade, a citizen of Azerbaijan.