"Georgia's Capital's" incomes from wine and beer business increased dramatically.
The Investment Holding presented the financial report for 3Q2023. According to the document, the net revenue of the wine business was up by 40.4% to GEL 17.4 million in 3Q23 (up by 49.1% y-o-y to GEL 43.2 million in 9M23), driven by a 61.7% increase in the number of bottles sold in 3Q23 (up by 75.1% in 9M23), attributable to significant growth in exports (export share in total sales was up by 5.3ppts to 86.5% in 3Q23 and up by 6.1ppts to 87.0% in 9M23).
Consequently, EBITDA increased 6.2 times to GEL 2.3 million in 3Q23 (up by GEL 3.0 million to GEL 2.9 million in 9M23)
As for the beer business, the gross revenue of the beer business increased by 9.0% y-o-y to GEL 41.0 million in 3Q23 and was up by 21.9% y-o-y to GEL 108.6 million in 9M23, resulting from the strong recovery in tourism and increased product prices due to higher demand. Beer y-o-y sales (in hectolitres) were up 0.6% in 3Q23 (up by 7.1% y-o-y in 9M23). The average 3Q23 GEL price per litre (average for beer and lemonade) increased by 11.4% y-o-y (up by 9.7% in 9M23). The operating expenses were down by 29.8% and 29.4% y-o-y in 3Q23 and 9M23, deriving from the structural changes across beer and distribution business lines. Consequently, the EBITDA of the business increased by 12.7% y-o-y and stood at GEL 7.9 million in 3Q23 (up 27.1% y-o-y to GEL 18.2 million in 9M23).
