Georgian State Electrosystem published a financial report for 2022. The company earned a net profit of GEL 304 million during the last year.
According to the financial document, the main determinant of this profit was the profit from the exchange rate of GEL. The fact is that the company has significant loans denominated in foreign currency, and due to the strengthening of the GEL, the balance of these loans (expressed in GEL) has decreased, which is recorded as a positive income in the financial report. According to the report, the profit from the exchange rate amounted to GEL 167.5 million, or more than half of the total profit.
As for the total income of the company, it amounted to GEL 346 million in 2022, which was GEL 53 million more than the previous year. Last year, the company paid GEL 39 million in salaries, and the cost of depreciation and amortization of its assets was GEL 71 million. Other operating expenses amounted to GEL 29 million. In total, the operating profit of the company was GEL 168 million, to which financial income of GEL 136 million was added, as a result of which the state electricity system closed last year with a net profit of GEL 304 million.
The company's assets amount to GEL 1.7 billion, while its liabilities are GEL 1.2 billion.
