RMG Gold, one of the largest mining companies in Georgia, has released Financial Statements 2018.
According to the document, the total revenue of RMG Gold was GEL 209,953,000 last year. Total revenue of RMG Gold is increased by 5.1% comparing to 2017.
As for the net profit of the company, it amounted to GEL 45,043,000. Profitability improved significantly compared to 2017, as RMG Gold reported a loss of 16,724,000 GEL instead of profit in the previous year.
According to the balance sheet of RMG Gold, the total assets of the company amounted to GEL 343,698,000 by December 31, 2018.
RMG Gold, or Rich Metals Group, was founded in 1994. The company is currently involved in ore, copper, and gold mining and smelting. RMG holds the mining license on obtaining gold in Bolnisi and Dmanisi districts by January 2042.
According to management reports prepared by KPMG, the ultimate controlling parties of RMG Gold, as well as RMG Copper, are Russian billionaires and business partners - Dmitry Troitsky and Dmitry Korzhev.
According to Forbes, Dmitry Troitsky and Dmitry Korzhev’s assets are valued at $ 1 billion. Korzhev and Troitsky were classmates, earning a fortune in early 1990s by trading automobiles, and later founding one of Russia's most successful retail networks, O'Key.
Russian businessmen bought RMG Holding in 2012, the value of the transaction is not publicly announced.
In 2018, RMG Gold's earnings are as follows:
Revenues from Gold Sale - GEL 165,474,000;
Revenue from the sale of copper ore - GEL 35,823,000;
Revenue from silver sale - 1,060,000 GEL.
