Economy
Posted: 1 month ago

Georgian Operator of Poti Port Pace Group Received a Revenue of 97 Million GEL in 2020

The main operator of Poti Port is the Danish  APM Terminals, which is a member of the Maersk Group, generated revenue of GEL 195 million in 2020.

In addition to APM, there are other companies operating in the port area, including the largest Pace Group, which has leased part of the berths on a long-term basis. According to the financial report, in 2020 Pace generated revenue of GEL 96.7 million. The company had a net profit of GEL 15.9 million last year and GEL 16.7 million in 2019.

Pace Group manages other transportation service companies in addition to the berth. The company is mainly engaged in the transportation of Central Asian transit cargo. According to the financial report, in 2020 its revenue increased by 23.2% to 96.7 million.

The company is building a new terminal in the Poti port area with an investment cost of $93 million, of which $50 million will be financed by the US Private Foreign Investment Corporation (DFC).

The assets of the group are 185 million GEL, its main owners are businessmen Irakli Kervalishvili (38%); Laura Larion (38%); Teimuraz Kervalishvili (10%) Irakli Tateishvili (10%) and Tamaz Kapanadze 4%.