BAKU, Azerbaijan, Nov. 13
By Tamilla Mammadova – Trend:
In 2019, the Georgian Nikora chain opened 30 new supermarkets while the number of employees exceeded 5,000, Trend reports via Georgian media.
Despite such impressive achievements, the company ended 2019 with losses.
The company's assets grew from 130 million lari ($39.6 million) to 243 million lari ($74.1 million) in one year, short-term assets increased from 12 million lari ($3.6 million) to 58 million lari ($17.7 million), long-term assets - from 99 million lari ($30.2 million) to 185 million lari ($56.4 million).
Nikora's income increased by 95 million lari ($28.9 million) in 2019 compared to 2018 and amounted to 440 million lari ($134.2 million), of which the cost of goods sold amounted to 325 million lari ($99.1 million) increasing sales revenue by 27 million lari ($8.2 million) to 115 million lari ($35.1 million) compared to 2018.
Distribution costs increased from 49 million lari ($14.9 million) to 59 million lari ($18 million), administrative expenses - from 33 million lari ($10.07 million) to 47 million lari ($14.3 million).
The lari’s fluctuations arisen from the floating exchange rate caused the company a loss of 7.3 million lari ($2.2 million), financial expenses amounted to 15 million lari ($4.5 million), non-operating expenses - 2 million lari ($609,498).
Thus, the company's loss amounted to 15.5 million lari ($4.7 million). The company ended 2018 with losses in the amount of 1.14 million lari ($347,414).
Nikora, founded in the Georgian capital, has held the leading position in the local food products market for 22 years. The business started with the production of food products soon expanded in different areas. At present, the holding incorporates meat products, semi-finished products, fish products, dairy products, ice-cream, bakery products, salads, and wine companies. One of the affiliates is an exclusive distributor of imported food products and beverages in Georgia.
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