How Much Revenue Does IG Development Have?
IG Development, a real estate development company and holder of the City Mall chain, published a financial report for 2022. According to the company, its revenue increased by GEL 19 million up to GEL 80.2 million. The increase was mostly related to the funds received from rental income, where the company's assets increased by GEL 20 million. The net profit of "IG Development" was up by GEL 14 million and reached GEL 56.6 million.
The "City Mall Saburtalo" and "City Tower" projects are the largest projects of the company. The holding also owns "Gldani City Mall".
● Rental income from investment property - GEL 63.1 million;
● Earnings from contracts signed with customers - GEL 16 million.
Currently, the largest investment project of "IG Development Georgia" is the residential and multifunctional complex of CITYZEN . The total cost of the project is USD 180 million.
According to the financial report, the company's assets were GEL 316 million by the end of 2022.