Rustavi Azot, one of Georgia’s largest chemical manufacturers, generated GEL 500 million in revenue and GEL 45.4 million in net profit in 2025, according to its audited financial statements. Revenue increased from GEL 435.9 million in 2024, while net profit declined from GEL 63.1 million. Ammonium nitrate accounted for GEL 383.7 million in sales, while sodium cyanide generated GEL 108.9 million. Exports made up 88.2% of total revenue, reaching GEL 440.8 million, up by 18.4% year-on-year.
In 2025, the company’s parent group, Indorama, secured $115 million in financing from the European Bank for Reconstruction and Development (EBRD) and the Asian Development Bank (ADB) to modernise production and improve energy efficiency. The EBRD provided $65 million for a new low-density ammonium nitrate (LDAN) plant and related investments, while the ADB committed $50 million to upgrade the high-density ammonium nitrate (HDAN) facility. The combined estimated cost of both projects is $148 million, with the remaining $33 million to be covered by the company.
At the end of 2025, Rustavi Azot’s total assets reached GEL 798.4 million, up by 27.5% year-on-year, while liabilities stood at GEL 382.4 million. Outstanding loans more than doubled to GEL 318.2 million, compared with GEL 154.9 million in 2024.
The company is wholly owned by Excelus Holdings, a subsidiary of Netherlands-registered Indorama Holdings B.V., ultimately controlled by Lohia Global Trust. Rustavi Azot paid GEL 50.5 million in dividends to its shareholder in 2025, down from GEL 117.3 million the previous year.
