Losses in Georgia’s state-owned enterprises (SOEs) reached GEL 527 million in 2024, according to the Fiscal Risk Analysis published by the Ministry of Finance. The figure marks a modest increase compared to 2023, when total losses stood at GEL 515 million, but continues to highlight the sector’s heavy dependence on budget subsidies.
The bulk of the deficit was concentrated in a few large SOEs:
United Water Supply Company recorded the largest loss of GEL 375 million. The company is in severe financial difficulty and continues to rely on state subsidies, receiving GEL 153 million from the central budget in 2024 alone.
Tbilisi Transport Company – posted a loss of 116 million GEL, also heavily dependent on public support. In 2024, it was granted GEL 309 million in subsidies from Tbilisi City Hall.
Georgian Amelioration – reported losses of 29 million GEL, despite receiving 25 million GEL in central budget subsidies.
Some SOEs managed to achieve positive results in 2024:
State Oil and Gas Corporation – the most profitable, with 183 million GEL in net profit.
State Electrosystem – earned 113 million GEL.
Georgian Railway – reported a profit of 68 million GEL.
Despite these gains, the majority of SOEs ended the year with losses, driving the sector’s total deficit to 527 million GEL.
GD PM Irakli Kobakhidze announced on June 3, 2025, that the government is pushing forward with long-delayed SOE reforms first proposed in 2022. According to him, over GEL 700 million have already been saved through optimization measures in the state enterprise sector.
