Revenue up by 31%, profit up by 34% - what are the plans of "City Mall" owner IG Development

IG Development, which owns the city's leading shopping center City Mall, increased its revenue by GEL 19 million to GEL 80.2 million in 2022.

In the reporting period, the main source of growth was rental payment. Last year, an increase in revenue was caused by the funds received from rent, the company's revenue rose by GEL 20 million.

IG Development's net profit also increased by 14 million and reached GEL 56.56 million.
According to the financial statements, this year the Group is set to carry out several projects.

“The Group aspires to be the leading chain of shopping centers in Georgia and operate at full capacity. GIG Development Georgia wants to expand its shopping centers in the city outskirts. Apart from that, the company will launch two new projects: the multi-apartment and commercial real estate in the capital and a hotel in the Racha region,” say in the company .

Currently, the group's main activities are property management and leasing of commercial space in three shopping centers.

The shopping centers house 300 stores, including supermarkets, fast food restaurants, clothing stores and others.

In 2022, the group's rental income amounted to GEL 63.1 million from investment properties and GEL 16 million from contracts concluded with clients.

By the end of 2022, the company's assets stood at GEL 316 million. IG Development Georgia LLC was founded in 2010 by IG International LLC.