Leading Georgian bread producer Ipkli LLC has published its financial results for 2024, showing an 11% increase in sales revenue, rising from 87.9 million GEL in 2023 to 97.8 million GEL.
Despite the revenue growth, net profit fell to 8 million GEL, down from 13.3 million GEL in 2023. The decline was attributed to rising production and administrative costs, which squeezed profit margins.
Key figures from the 2024 financial statements include:
- Cost of goods sold: 61.4 million GEL (up from 53.1 million)
- Sales and distribution expenses: 21.6 million GEL (up from 17.2 million)
- Administrative expenses: 9.8 million GEL (up from 6.5 million)
The company continued its expansion strategy, opening a new production branch in Zugdidi in November 2024, strengthening its supply chain across Western Georgia.
At the end of 2024, Ipkli’s assets totaled 81.7 million GEL, with liabilities of 9.7 million GEL. The shareholders are Shakro Bakuradze (40%), Vasil Bakuradze (30%), and Bakar Bakuradze (30%). Arisi Bochorishvili serves as the company’s director.
Looking ahead, Ipkli plans to focus more on the cookie segment, expand its product range, and enhance the efficiency of its distribution logistics chain.
The company noted several ongoing challenges: fluctuations in flour prices, the impact of exchange rate changes on packaging materials and fixed assets, rising wages (with average salaries increasing 10–15%), and volatile fuel prices. These cost pressures, combined with restrictions on bread price increases due to social concerns, have limited profitability and the ability to generate reinvestment funds.
