GOGC net profit fall 27%

GOGC net profit fall 27%

access_time2019-07-10 15:33:47

Net profit of Georgian Oil and Gas Corporation (GOGC) fell by 27%.

According to the financial report of 2018, net profit totaled  GEL 161,3 million and was caused  by the negative effect of exchange rate. It’s worth mentioning  that net profit increased 2,1-fold  (GEL 83.3 million) in 2018 compared with 2016.

Operating income made GEL 163,3 million in 2018 which is 21% less than in 2017 and  9% more compared with 2016 (operating income totaled to GEL 205,8 million in 2017, 2016 – GEL 149,6 million). Corporation’s total assets increased by GEL 33 million in 2018 compared  to 2017 and amounted to  GEL 1,693 million.

As a result of the construction and exploitation of Gardabani combined cycle thermal power plant, the Corporation has diversified revenue.  Construction of the second combined cycle thermal power plant was actively carried out in 2018 and is planned to be  put into exploitation in autumn 2019.

The Corporation’s total income fell  by 7% in 2018 and totaled GEL 623, 8 million. 



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