Rissa Investments Limited, the Cyprus-registered parent company of Borjomi Holding, has published its financial report for 2024, revealing a significant revenue increase. The group’s total revenue reached USD 556 million, up USD 120 million from the previous year, while net profit stood at USD 84 million.
Borjomi Holding, known for producing Borjomi, Likani, and Bakuriani mineral waters, is also the parent of Svyatoy Istochnik, a leading bottled water brand in Russia, as well as Morshinsky fresh and mineral waters.
According to financial disclosures submitted to the Russian financial regulator, the Russian Federation remains the company’s largest revenue source, generating USD 391 million in 2024.
Other key markets include:
- Kazakhstan – USD 41.9 million
- Georgia – USD 39 million
- Belarus – USD 24.5 million
- Ukraine – USD 16.7 million
Prior to Russia’s invasion of Ukraine, the controlling stake in the group was held by Alfa Group, owned by sanctioned oligarchs Mikhail Fridman and Petr Aven. Due to their involvement, Rissa Investments Limited was placed under international sanctions, affecting operations in Georgia.
To protect the Borjomi national brand, the Georgian government acquired a 7.73% stake in the company free of charge in 2022. Following this move, Giorgi Maisuradze was appointed Chairman of the Board of Directors.
As of now, Borjomi Holding’s ownership structure is as follows:
- Erasmony Limited (Fridman & Aven) – 49.99%
- Black Waters Limited (Patarkatsishvili family) – 38.48%
- State of Georgia – 7.73%
- Former employee & minority shareholders – 3.79%
Georgia’s shareholding grants the state access to future dividends, though the Ministry of Economy and Sustainable Development has not confirmed when these will be distributed. BMG has reached out to the ministry for clarification.
The report also indicates that Borjomi Holding’s total assets amount to USD 455 million, reflecting the group's continued significance in the regional beverage industry despite political and regulatory challenges.
