Net profit of JSC “Georgian Oil and Gas Corporation” dropped by 27%

According to 2018 financial report, net profit of JSC “Georgian Oil and Gas Corporation” (GOGC) dropped by 27% compared to 2017 and made up GEL 161,31 million as a result of negative effect caused by currency fluctuation. It is notable, that net profit in 2018 increased 2.1 times compared to 2016 (GEL 83,3 million).

Operating profit of 2018 made up GEL 163,3 million which is 21% lower than in 2017 and 9% more than in 2016 results. (In 2017, operating profit totaled to GEL 205,8 million, in 2016 – GEL 149,6 million). In 2018 total assets of GOGC increased by GEL 33 million compared to 2017 and amounted to GEL 1693 million.

According to 2018 report, the amount of net cashflow from operating profit amounted to GEL 231,9 million and in 2016 -GEL 159,1million).

As a result constructing and commissioning Gardabani thermal power plant, GOGC managed to diversify its income. it is noteworthy that in 2018 the construction of Gardabani 2 combined cycle thermal power plant was in progress which is scheduled to be commissioned in autumn 2019.

Total income of GOGC in 2018 decreased by 7% and amounted to GEL 623,8 million, in 2017 total income made up GEL 671,6 million.

Financial report of 2018 was audited by KPMG a member of the Big Four Accounting Firms according to which, financial reporting of GOGC corresponds with IFRS standards.