18.Jul .2022 18:00

State-Owned Borjomi Likani Ended 2021 With A Profit Of GEL 8 MLN

State-Owned Borjomi Likani Ended 2021 With A Profit Of GEL 8 MLN
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State-owned hotel "Borjomi Likani International" has published its financial report for 2021. It is clear from the document that last year the company received an income of GEL 13 million and a net profit of GEL 8.2 million. For comparison, in 2020, the hotel has at a loss of GEL 4.6 million.

The company's income increased 3 times compared to 2020, which was caused by the increased load of the hotel. In 2021, the facility served a total of 54,702 guests, which was 2.5 times more than the previous year.

According to the financial report, the daily income of the hotel from one guest was GEL 238, which was 48 GEL higher than GEL 190 in 2020.

In total,"Borjomi Likan" received GEL 6,981,818 from hotel rooms in 2021, 4,658,906 GEL from restaurant services, and 1,326,151 GEL from spa and medical wellness services.

The hotel's occupancy rate was 52% last year, which is two and a half times higher compared to the rate of 21% in 2020.

According to the financial report, in 2021, the hotel spent GEL 2.8 million on salaries of its employees, GEL 2 million on supplies, GEL 2.3 million on depreciation and amortization, and GEL 2.3 million on other operating expenses.

Total operating expenses were GEL 9.2 million, however, the company's profit was due to the revaluation of its main asset - the hotel itself, which was GEL 8.7 million more than the previous estimate.

In 2020, the hotel's assets were GEL 39 million, which increased to GEL 50 million in 2021.