Union of Georgian Airports: We Ended 2021 with a Profit of 19 Million

The Union of Georgian Airports ended 2021 with a profit of 19 million GEL. In 2021, the company's revenues amounted to 66.8 million GEL, and the net profit amounted to 19 million GEL.

The company's financial statements are prepared according to international financial reporting standards and are audited by the international company PricewaterhouseCoopers (PWC). The auditor has issued an unmodified opinion on the statement.

According to Tamar Archuadze, director of the Association of Georgian Airports, expectations are positive after the pandemic 2020.

"Last year, the Union of Georgian Airports finished with a profit. Compared to the same data of 2020, we have a significant increase. In 2021, the company began to gradually emerge from the pandemic force majeure, with the lifting of the existing restrictions in the world, the number of flights increased and, accordingly, the passenger flow also increased, which also affected our revenues. The profit will be fully used for the planned capital expenditures of 2022, including large infrastructural projects and raising the qualifications of the staff," Tamar Archuadze said.

In 2021, the company received the following revenues: aviation revenues - 36.6 million GEL, non-aviation revenues - 9.1 million GEL, revenues from concession rights - 18.5 million GEL, and rental income - 2.6 million GEL.

According to the information from the Association of Airports of Georgia, the pandemic has significantly affected the aviation business, including the Association of Airports of Georgia LLC. After the lifting of restrictions from 2021, the gradual restoration of international flights began. According to the data of 2021, compared to 2019, the number of flights was restored by 62%, and the passenger flow by 48%.