Partnership Fund Ended 2020 with Net Profit ₾3.7 Million

The Partnership Fund's net profit in 2020 was 3.7 million GEL, with an operating profit of 9.8 million GEL, according to the international audit firm KPMG, which concluded the fund's financial audit in 2020.

"Despite the International Monetary Fund's recommendation that the Partnership Fund's limited investment activity and pandemic, which has caused significant economic damage to all countries, the fund ended 2020 with a profit,'' the Fund said in a statement. The fund's income increased by 16% to GEL 1.5 billion, while operating profit almost doubled to GEL 213 million.

The consolidated statement of the Fund refers to the consolidated reporting of both the Fund and its subsidiaries. It should be noted that if not for the costs caused by the exchange rate difference, according to the consolidated financial statements in 2020, the net profit would have been 133.8 million GEL.

The total value of projects implemented by the Fund since 2012 is $ 2.5 billion, of which $ 300 million is a co-fund - which means the fund was able to attract $ 8 USD in domestic and foreign investment on an average of $ 1 per investment. The average return on equity of the Partnership Fund is 15%. According to the Fund's individual financial statements, over the last 3 years, the Fund has invested an average of GEL 17 million annually and is receiving a return of approximately GEL 20.5 million from investments. The above investments were made within the framework of the projects approved by the Fund until 2018.

The projects funded by the Partnership Fund and the state-owned subsidiaries of the fund employ up to 15,000 people. It is also noteworthy that through the fund's projects and its subsidiaries, the budget receives more than 200 million GEL annually.

According to the conclusion of the international audit company KPMG, the Partnership Fund ended 2019 with a profit of GEL 70.9 million, including GEL 44 million net profit from the fund's investment activities.