28.Dec .2021 15:30

The PF Suffered A Loss Of GEL 196 MLN In 2020

The PF Suffered A Loss Of GEL 196 MLN In 2020
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The Partnership Fund (PF) has published a consolidated financial report for 2020.

According to the document, the fund and its subsidiaries received revenue of GEL 1.5 billion last year, but the income was not enough to cover all expenses, so the fund had a loss of GEL 196 million in 2020. This is a deterioration in financial results, as in 2019 the fund had a net profit of 87 million.

The Partnership Fund is the largest state-owned investment holding, which includes the Georgian Railway; Oil and Gas Corporation; Gardabani Thermal Power Plants and other large assets as well.

In 2020, the structure of the fund was changed and Georgian State Electrosystem, ESCO and Energotrans were separated from the PF.

In addition to the energy companies, in 2020, the foundation also handed over Republican Hospital, the Pediatric Infectious Diseases Center and the former Oncology Center to the state. The fund also sold a 24.5% stake in Telasi. Due to the exit of these companies, the total assets of the fund decreased from the existing 6 billion in 2019 to 4.6 billion.

With the decrease in assets, the liabilities of the fund (loans, etc.) also were down, if the liabilities of the fund amounted to GEL 4.1 billion in 2019, by the end of 2020 the debt was reduced to 3.2 billion.

As for the PF itself, the fund’s net profit was GEL 3.7 million instead of GEL 44 million, observed in 2019.