Since 2013, 60% of IDS Borjomi is owned by Alfa Group, one of the largest privately-owned financial investment conglomerates in Russia.
The founder of Alfa Group is Russian businessman Mikhail Fridman, who has been listed by a number of countries among the sanctioned oligarchs since the start of hostilities in Ukraine.
In its statement the company said the situation created on the main sale markets by the conflict was compounded by the limited access to bank accounts preventing the company from receiving foreign exchange earnings and settling with creditors.
“The company has continued to operate to this day in the hope of substantially rectifying the situation, which unfortunately has not been possible so far.
Due to the above, the company is forced to temporarily suspend the production process in both Borjomi bottling plants from April 29.
We hope that the situation will improve in the near future and we will have the opportunity to resume functioning," IDS Borjomi said in a statement.
How Many Millions Did The Company Earn Before The Sanctions:
IDS Borjomi Georgia, LTD Georgian Branch of IDS Borjomi Beverages Company publishes its financial statements publicly. The net profit was USD 17.3 million and the main brands of "IDS Borjomi Georgia" are "Borjomi", "Likani", "Bakuriani" and "Mitarbi".
The Company’s Revenue By Countries In 2020:
• Russian Federation - USD41.9 million;
• Ukraine - USD 18 million;
• Latvia, Estonia and Lithuania - USD 14.3 million;
• Kazakhstan - USD 13 million;
• Georgia - USD 11 million;
• Belarus - USD 6.4 million;
• Uzbekistan - USD 2.2 million;
• Azerbaijan - USD 1.3 million;
• Other countries – USD 11.2 million.
