Glovo at a Loss of 32.7 Million Despite having an Income of 34 Million

Glovo Georgia (Glovoapp Georgia Ltd.), which has been providing delivery services in Georgia for several years, had lost 32.7 million GEL by the end of 2021.

According to the company's financial statements, the company's loss in 2021 amounted to 13.7 million GEL (+66.5%; y.y).

Despite the loss, the company's operations in Georgia were not unprofitable, due to the fact that in 2021, the company received 33.9 million GEL of income from operational activities.

However, for FY21 owes Glovo 24.5 million GEL, which has almost tripled compared to the end of 2020.

In 2021, the company spent 7.8 million GEL on marketing, which is almost doubled compared to 2020 (3.7 million).