Last Year, BGEO Generated 1,1 Bln Of Income

Last Year, BGEO Generated 1,1 Bln Of Income

In 2017, the incomes of BGEO Group increased by 23,7% and amounted to 1,1 bln GEL. The Group ended the year with 463 mln GEL revenue. Revenue per share increased by 11,5% and made 11.61 GEL.

The banking business, which is a part of the group, ended the year with a record revenue of 369 mln GEL, which is a 25% increase.

The Group also claims that the sales of m2 company have increased and states that in 2017, the sales rate was the best in the entire history of the company. In Q4 2017, the company sold 165 apartments for 14,5 mln USD. In total, last year, m2 sold 629 apartments for the total value of 49,1 mln USD. The revenue of the company made 23,7 mln GEL.

The annual income of the GGU (Georgia Global Utilities) of the Group has increased by 6,1% and made 130 mln GEL.

Incomes of Teliani Veli have increased by 102,5%.

In the current year, BGEO Group PLC investment group will continue functioning as two independent companies. One company will operate in the direction of banking (Bank of Georgia Group) and the other –investment business (Georgia Capital). By the decision of the Board of Directors of BGEO, once the process is completed, the share of Georgia Capital in the Bank of Georgia Group will be 19,9%.

Georgia Capital holds: 57% shares in Georgia Healthcare Group (GHG), 100% in Georgia Global Utilities (GGU), 100% in m2 Real Estate, 76% in Teliani Veli, 100% in Aldagi insurance company and 19.9% in the Bank of Georgia Group (the mentioned share in the Bank of Georgia will be effective once the split of banking and investment businesses is completed).

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