Metallurgical company Rustavi Poladi published its financial report. According to the audit report prepared by PWC, the income of the largest enterprise of Georgia, amounted to 221.7 million GEL in 2019, which was 16 million GEL or 7.7% more comparing to the previous year.
As of the report, expenses of Rustavi Poladi was more than its income in 2019 and as a result, the company ended the year with a loss of 0.6 million GEL. However, the plant had a net profit of 8.8 million GEL in 2018.
According to the financial report, in 2019 the company produced 130,000 tons of armature and 30,000 tons of seamless pipes. According to the company, the armature is mainly sold on the Georgian market, while the seamless pipes are exported to the CIS and European markets. In addition, Georgian steel products are supplied to the African market, particularly to Kenya.
According to report, the company's revenue from the sales by segments is as follows:
• Gross revenue - 221.7 million GEL, an increase of 7.7%;
• Armature sales - 178.7 million GEL, an increase of 11.3%;
• Seamless pipes - 28.8 million GEL, a decrease of 6.7%.
According to separate markets, the company's revenues in 2019 were as follows:
Georgia - 182.5 million GEL, increase of 16.8%;
The CIS - 12.9 million GEL, decrease by 28.7%;
The EU - 9.2 million GEL, decrease of 46%;
Asia - GEL 7.8 million, decrease by 45%;
Africa - GEL 5.4 million, no exports during the comparable period;
The US - 3.8 million GEL, no exports during the comparable period.
