One of the largest metallurgical enterprises of Georgia "GeoSteel" has published its financial report for 2023. According to the document, during the last year the company's income amounted to GEL 281 million, which was GEL 73 million or 20% less compared to 2022. As of the report, the company's net profit also decreased to GEL 17.3 million (60% decrease).
According to the financial report, the largest part of the income of "GeoSteel" is gained from fittings sales. In addition, the company is mainly focused on the local market, in particular, GEL 278 million out of the revenue of GEL 281 million was generated from the Georgian market. Accordingly, the company is one of the leading suppliers of fittings in the Georgian market.
As of the financial report, in 2023, the company consumed GEL 206 million of raw materials and spent GEL 26 million on electricity - fuel, GEL 8 million - staff costs, while the company sold goods with a total value of GEL 251.4 million.
90% of the company is owned by the Indian company Georgian Steel Group Holdings Limited ("GSGHL"), and JSW Steel B.V owns 10%.
The assets of "GeoSteel" amount to GEL 222 million, and the total liabilities are GEL 100 million.
