12th Aug 2022 09:30
Georgia Capital PLC - Tbilisi, Georgia-based investor in businesses in Georgia - Ends first half to June 30 with net asset value per share of GEL52.71, or GBP14.78, which is down 16% from GEL63.03 on December 31. Total portfolio value falls 25% to GEL2.71 billion from GEL3.62 billion. The value fall is pinned on Russia's invasion of Ukraine, with Georgia Capital's private portfolio suffering, as well as a GEL317.5 million hit to London-listed Bank of Georgia Group PLC's valuation. BoG's shares slumped 21% in the first 6 months of 2022. The bank makes up 17% of firm's total portfolio.
"While the uncertainties created by the Russia-Ukraine war persist and potential consequences can vary, our strong management teams have remained alert to navigate the challenges and opportunities created by these unprecedented times. This, when coupled with the recent strong growth in the Georgian economy, has enabled us to deliver solid operational performance in 2Q22 and 1H22, particularly reflecting our strategy to have the majority of our capital allocated to capital-light industries and sectors," it says.
Current stock price: 650.00 pence
12-month change: down 0.2%
By Paul McGowan; [email protected]
Copyright 2022 Alliance News Limited. All Rights Reserved.
Related Shares:
Georgia CapitalBank Of Georgia Group