Georgia Capital’s net revenue from the wine business was down by 44.5% y-o-y in 1Q22 due to the ue to the implications of the geopolitical tensions.
The investment holding announces that the number of bottles sold was down by 45.9% y-o-y, resulting from the decreased export in Russia and Ukraine during the quarter. Consequently, EBITDA was down by GEL 3.2 million and stood at negative GEL 1.1 million in 1Q22 Wine business had significant exposure to the Russian and Ukrainian markets as 61% of the 2021 revenues were generated from sales in these markets (34% of revenues in 1Q22). Due to the implications of the geopolitical tensions, the net revenue of the wine business was down by 44.5% y-o-y in 1Q22.
Georgian Capital holds shares in three wine companies (Teliani Valley, Kindzmarauli Cellar, Alaverdi) and sells wine in 17 countries in addition to Georgia.
