Poti Free Industrial Zone has released Financial Statement 2018. According to the document, FIZ's revenue was 3,467,000 GEL last year. The volume of the revenue is increased by 12.2% compared to 2017.
Overall, the net profit of the Free Industrial Zone amounted to 448,000 GEL, which is 40% less comparing to 2017. According to the profit and loss statement, the decrease in profits is mainly related to the growth of wage and other operating expenses.
The total volume of assets at the Free Economic Zone is 12,325,000 GEL.
According to the financial statement of FIZ, CEFC China Energy is 75%-shareholder of the company, which has transferred the share to Euro-Asian Management Group since July 2018, which Supervisory Board’s Co-chairperson is Vano Chkhartishvili.
Georgian Defense Minister Irakli Gharibashvili also worked at the company last year, where his salary was 169,926 GEL. Irakli Gharibashvili's Asset Declaration makes this known.
Poti FIZ was established in Poti in 2009. The organizer of the FIZ was the Arab company "Rakia Georgia Free Industrial Zone".
In 2016, Arab investor Rakia handed over 85% of Poti Free Industrial Zone to the state. Unfulfilled obligations have been named as the reason.
In September 2017, 75% of Poti Free Industrial Zone was transferred to China Energy Company Limited (CEFC).
To note, companies that are registered and operate at the free industrial zone enjoy a variety of tax benefits. They are also exempt from value added tax (VAT).
"Currently, 116 licensed companies are operating in Poti FIZ. The majority (85%) of companies, registered at the FIZ, are trading with a variety of products, including pharmaceuticals, tires, vehicle parts, machinery, food products, textiles, chemicals and construction, ”the report said.
According to the report, the Ras Al Khaimah Investment Authority owns 15% of the Free Economic Zone and 10% is owned by the Georgian government.
