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Georgian metallurgical company Rustavi Poladi sees increase in its income

Business Materials 28 October 2020 16:52 (UTC +04:00)
Georgian metallurgical company Rustavi Poladi sees increase in its income

BAKU, Azerbaijan, October 28

By Tamilla Mammadova – Trend:

Georgian metallurgical company Rustavi Poladi published its financial report, Trend reports via Rustavi Poladi.

According to the audit report, the income of the largest enterprise of Georgia amounted to 221.7 million lari ($68.8 million) in 2019, which was 16 million lari ($4.9 million) or 7.7 percent more compared to the previous year.

As of the report, expenses of Rustavi Poladi were more than its income in 2019 and as a result, the company ended the year with a loss of 0.6 million lari ($186,424). However, the plant had a net profit of 8.8 million lari ($2.7 million) in 2018.

According to the financial report, in 2019 the company produced 130,000 tons of armature and 30,000 tons of seamless pipes. According to the company, the armature is mainly sold on the Georgian market, while the seamless pipes are exported to the CIS and European markets. In addition, Georgian steel products are supplied to the African market, particularly to Kenya.

According to the report, the company's revenue from the sales by segments is as follows:

• Gross revenue - 221.7 million lari ($68.8 million), an increase of 7.7 percent;
• Armature sales - 178.7 million lari ($55.5 million), an increase of 11.3 percent;
• Seamless pipes - 28.8 million lari ($8.9 million), a decrease of 6.7 percent.

According to separate markets, the company's revenues in 2019 were as follows:

Georgia - 182.5 million lari ($56.7 million), increase of 16.8 percent;
The CIS - 12.9 million lari ($4 million), decrease by 28.7 percent;
The EU - 9.2 million lari ($2.8 million), a decrease of 46 percent;
Asia - 7.8 million lari ($2.4 million), decrease by 45 percent;
Africa - 5.4 million lari ($1.6 million), no exports during the comparable period;
The US - 3.8 million lari ($1.1 million), no exports during the comparable period.

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