Georgian Greenhouse Corporation (“Planta”), affiliated with Bidzina Ivanishvili’s business circle, posted GEL 17.4 million in revenue from vegetable sales in 2024, according to the company’s newly published financial report. Sales grew by GEL 3.2 million year-on-year, doubling the company’s net profit to GEL 2.1 million.
The company sold GEL 7.6 million worth of cucumbers and GEL 9.6 million worth of tomatoes during the year. It operates a 12-hectare modern greenhouse complex equipped with artificial lighting, with annual production exceeding 7,100 tons. The corporation says its mission is to supply premium-quality vegetables, reduce import dependence, and help fill the gap in local production.
Utility costs were the company’s largest expense at GEL 5.7 million, while employee salaries reached GEL 5.3 million. Additional costs, including seeds and other materials, totaled GEL 2.6 million, and depreciation expenses amounted to GEL 0.6 million. At the end of 2024, total assets amounted to GEL 29.4 million and liabilities to GEL 6.6 million. The company still carries accumulated losses of around GEL 50 million from previous years.
As of December 31, 2023, 98.67% of the corporation was owned by Greenhouse Holding LLC, whose parent company, GCF LP, is registered in the Cayman Islands and controlled by Ekaterine Khvedelidze, according to the report.
