IG Development Georgia, the holding company that owns and operates the City Mall chain, has published its financial report for 2024, revealing a significant increase in revenue despite a slight decline in net profit.
According to the report, the company’s total income rose to GEL 100 million, up GEL 12 million compared to 2023. The growth is attributed primarily to strong performance in its core business segments, commercial property management and leasing.
Financial Breakdown
- Operating expenses: GEL 25 million
- General and administrative expenses: GEL 17 million
- Operating profit: GEL 67 million
- Financial expenses: GEL 8 million
- Net profit: GEL 54 million (GEL 5 million less than in 2023)
Despite increased revenue, the company’s net profit decreased slightly, down from GEL 59 million in 2023, largely due to higher financial costs and operational spending.
IG Development Georgia manages a portfolio of prominent commercial properties in Tbilisi, including:
- City Mall Kavtaradze
- City Mall Vazha
- City Mall Gldani
- City Tower (a business center)
Together, the malls host over 300 retail spaces, including supermarkets, fast food outlets, clothing brands, and other specialty stores.
In 2021, the company founded a wholly owned subsidiary, City Development LLC, which is currently overseeing the development of the CITYZEN complex, a large-scale mixed-use project that will integrate residential, commercial, and recreational areas. As of December 31, 2023, construction was ongoing, with completion expected by the end of 2026.
The company’s total assets reached GEL 569 million, while its liabilities stand at GEL 372 million.
In April 2025, IG Development Georgia made a strategic acquisition, purchasing a 9,200-square-meter property on Chavchavadze Avenue, the former headquarters of the National Agency for State Property. The property was acquired at a privatization auction for GEL 35.6 million, with a GEL 20 million investment obligation tied to its development.
The company was founded by businessman Mindia Sabanadze, who remains an influential figure in Georgia’s real estate and development sector.
