Georgian Oil and Gas Corporation net profit fell by 27%

Oil&Gas Materials 10 July 2019 18:54 (UTC +04:00)

Baku, Azerbaijan, July 10

By Tamilla Mammadova - Trend:

Net profit of Georgian Oil and Gas Corporation (GOGC) fell by 27 percent, Trend reports via commersant.ge.

According to the corporation's financial report of 2018, net profit totaled to 161, 3 million lari and was affected by the exchange rate, although it increased 2.1 times compared to 2016 (83.3 million lari). The net profit of GOGC in 2017 amounted to 220.4 million lari, which was 2.5 times more than in 2016.

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

As a result of the construction and commissioning of the first combined cycle thermal power plant (TPP) of 230 MW in Gardabani (Eastern Georgia), the corporation diversified its revenues. In 2017, the GOGC's revenues from the production and supply of electricity increased by 8.3 percent compared to the previous year up to 199.7 million lari. In 2018, the construction of the second TPP in Gardabani continued, and its commissioning is scheduled for autumn 2019.

The Corporation’s total income fell by 7 percent in 2018 and totaled to 623, 8 million lari.

GOGC was established in March 2006 by the merger of the Georgian Oil International Corporation, the Georgian International Gas Corporation and Gruzneft. In 2012, 100 percent of the shares of GOGC were transferred to the “Partner Fund”. The main field of activity of GOGC is exploration and production of oil and gas, transportation operations, design, construction and operation of oil and gas pipelines.

($1 = 2,87 GEL on July 10)