Georgian Oil and Gas Corporation (GOGC) published a financial report for 1H2022. According to the document, the company received an income of GEL 689.56 million and a profit of GEL 30 million. The financial statement reveals the corporation's revenues have increased, but the profits have decreased in the first half of the year.
In 6 months of 2022, GOGC's revenues increased by GEL 83.4 million (13.7%) to GEL 689.5 million. The income from sold gas has also grown and amounted to GEL 454.88 million instead of GEL 407 million in the same period of 2021.
However, there is a sharp decrease in revenues from oil transit, which is probably related to the suspension of oil transit through the Baku-SuPsa pipeline.
Revenues of Oil and Gas Corporation for 1H2022
• From the sale of gas - GEl 454.88 million (annual increase of 47.9 million GEL)
• From the sale of electricity - GEL 195.9 million (annual increase of 40.3 million)
• From the sale of crude oil - GEL 10.1 million (annual increase of 3.04 million)
• From the lease of gas pipelines - GEL 22.28 million
• Income from Baku-Supsa pipeline operation - GEL 6.2 million (decrease of 7.86 million GEL)
As for the expenses of the corporation, the purchase of natural gas ranks on the first place, the expenditures amounted to GEL 689.5 million GEL on 6 months, which was an increase of 136 million.
Profits are reduced. In January-June, the profit of the corporation decreased by 23% (by 9.2 million GEL), which totaled to 30.2 million.
