IG Development Georgia, the owner of City Mall, has published its financial report for 2023. According to the document, the total income of the company has increased to GEL 88 million, which was GEL 8 million more compared to the same period of the previous year.
According to the financial report, IG Development Georgia spent GEL 17 million on operating expenses, GEL 13 million - on general and administrative expenses, thus the company's operating profit made up GEL 58 million. Financial expenses stood at GEL 7 million.
Overall, IG Development Georgia had a net profit of GEL 49.2 million last year, which was GEL 5.6 million less than in 2022.
"The main activity of the group is property management and leasing of commercial spaces in three shopping centers: "City Mall Kavtaradze", "City Mall Vazha", "City Mall Gldani" and the business center "City Tower". All malls have more than 300 stores at the same time. Including supermarkets, fast food restaurants, clothing and other stores.
The group established a subsidiary company City Development Ltd. in 2021, which is engaged in the development of the CITYZEN complex. The complex combines residential, commercial and recreational spaces. As of December 31, 2023, construction works are being carried out. The completion of the construction is planned for the end of 2026," the report says.
The founder of IG Development Georgia group is businessman Mindia Sabanadze.
