GOGC profits reduced

The oil and gas corporation GOGC generated 93.2 million GEL in profit in the first half of this year, 67.9 million GEL less than the previous year. According to the non-audited financial data, the corporation received revenues of 335.6 million GEL which is also significantly less than the previous year (416.7 million GEL).

The total assets of the corporation have increased by 1.72 billion GEL.

The largest share of the corporation’s income (65%) comes from supplies of natural gas totaling 219.6 million GEL in the first half of the year, a decrease of 43.4 million GEL annually.

The income received by pipeline rental has also decreased and comes to 21 million GEL, less than last year's 40.5 million GEL.

There was a slight increase in revenues generated through fuel transportation which amounted to 10.4 million GEL. Revenues from electricity generation has decreased by approximately 98.2 million GEL.

As a reference, currently 100% of the shares of the corporation are owned by JSC “Partnership Fund,” which is under the government ownership.

The corporation has been rated BB- (positive forecast) by Fitch Ratings Inc.

The corporation completed 2017 with a 220.4 million GEL net profit, a 2.8x annual increase.  

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