"Tbilisi Energy", which is a supplier of natural gas in Tbilisi, has published its financial report for 2021. According to the document the company currently has two shareholders, the financial report mentions that the current owners of the company are businessman Khvicha Makatsaria and the founder of Neqsol Holding, Nasib Hasanov. In addition, the name of businessman Nasib Hasanov appeared in the audited financial report of the company only this year, according to the document, Weco Investment and Finance S.A., owned by him, acquired a 50% stake in the parent company of "Tbilisi Energy" in 2019.
"As of December 31, 2021, the owner of 100% of the Company is Woltbay Limited Liability Company (the "Parent Company"), which was incorporated in the Marshall Islands on August 30, 2016. In 2019, Weco investment and finance S.A. bought a 50% stake in the parent company. As of December 31, 2021 and 2020, the final owners of the company were the citizen of Georgia - Mr. Khvicha Makatsaria and the citizen of Azerbaijan - Mr. Nasib Hasanov," says the audited financial report of "Tbilisi Energy" for 2021.
As of 2021, the company's assets amounted to 217 million GEL.
According to the financial report, "Tbilisi Energy" increased its income by 62 million GEL to 363.3 million GEL in 2021. The net profit of the company also increased, from 13.5 million in 2020 to 64.5 million. The increase in income was due to the increased demand for natural gas, as well as the increase in the sales price.
During the last year, the company sold a total of 674 million cubic meters of natural gas, which was 9% more than the previous year.
The company served 498,322 residential and 19,577 non-residential subscribers last year.
From February 2021, the gas tariff for commercial subscribers of "Tbilisi Energy" has increased from 84 tetri to 1.1 GEL per cubic meter. From June 1 of the same year, the tariff for household users increased from 46.1 to 53.9 tetri.
According to the financial report, the main expense for "Tbilisi Energy" is the purchase of natural gas, for which the company paid 244.3 million GEL in 2021. The next in line for expenses are the salaries of the employees, on which "Tbilisi Energy" spent 24 million GEL, the company's depreciation and amortization expense was 11 million, and the gas transportation fee was 13 million GEL.
According to the financial report, the company has large trade debts. In particular, in 2021, its debt for the purchase of natural gas increased from 69 million GEL in 2020 to 90.4 million GEL.
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