Georgian Post, which closed last year with a GEL 7 million loss, is expected to become profitable for the first time in five years, Prime Minister Irakli Kobakhidze announced at a government meeting.
The turnaround comes amid ongoing optimization efforts and new or renewed contracts, which are projected to generate an additional GEL 20 million in annual revenue.
Kobakhidze noted that management changes in September, along with the return of outsourced business processes and the revival of the air terminal, will contribute to the company’s financial improvement. Cost savings and updated agreements with airline partners are expected to add over GEL 5 million annually from air terminal operations alone.
According to Georgian Post’s 2023 financial report, revenue fell slightly to GEL 70.5 million, but cost reductions decreased losses from GEL 11 million to GEL 3 million. The company also appointed a new CEO, Giorgi Erazmashvili, replacing Levan Chikvaidze.
