GOGC’s Net Profit Increased By 16% Last Year

26 June, 2014
Georgian Oil and Gas Corporation announced its financial statement for year 2013. Financial statement was prepared by KPMG.

As per audited financial statements, GOGC increased its net profit. Compared with 2012, GOGC’s net profit increase by 16% and amounted to GEL 94,293 ml. Company’s revenue, operational profit and EBITDA also grew. Compared with 2012, GOGC’s revenue in 2013 made up 325,761 (9% growth); operational profit totaled to GEL 100,359 ml (21% growth) and EBITDA to GEL 104,694ml (7% growth).

Compared with 2012, revenues from the sale of gas grew by 4% in 2013. Higher gas transportation volumes increased transportation revenues by 8%. Revenues from oil transportations segment grew by 3% compared with last year. Income from crude oil grew sizeably as well.

Gardabani Combined Cycle Power Plant remained priority throughout 2013. By the end of 2013 GOGC had already spent GEL 200 ml on this project. Gardabani CCPP is planned to be operational no later than the end of year 2015. GOGC expects that after commissioning Gardabani CCPP the company’s EBITDA will increase by 60% from 2016.

During 2013, GOGC had also been actively involved in ongoing high pressure trunk pipeline extension and rehabilitation projects, which enhance safety and security of gas transportation and supply in the country.