In the first half of 2023, Nikora Group, a leading player in Georgia's food production and retail sectors, unveiled robust financial figures, posting a 47% hike in net profit. The company disclosed these results in its semi-annual financial report aimed at its bondholders.
According to the disclosed data, Nikora Group's consolidated sales for H1 2023 reached ₾606.9 million, marking a significant 39% increase over the ₾435 million recorded in the corresponding period last year. Despite fluctuations in the market, the company managed to sustain a stable gross profit margin of 29%.
Operating profit and periodic profit also showed notable upticks, standing at ₾44.7 million and ₾35.4 million, respectively. The substantial growth in these metrics testifies to the company's operational efficiency and robust market strategies.
As of the end of June 2023, Nikora Group's total assets had climbed to ₾587 million, up 29% compared to the same juncture last year. This asset growth primarily emanated from an increase in leased assets, inventories, and fixed assets. This uptick coincides with the company's strategic expansion, most notably through the inauguration of new commercial facilities.
The conglomerate’s diverse portfolio encompasses meat product manufacturing, distribution, and retail networks. Companies within the holding are also entrenched in various segments of Georgia's food market, including the production of fish and seafood, dairy items, and baked goods, as well as the import and distribution of an array of food and beverages.
As of mid-2023, Nikora Group's sprawling enterprise boasts a turnover of ₾1,013 million, up from the previous year. The workforce also expanded to 9,140 employees by the end of June 2023, a slight yet meaningful increase from the 8,900 employees recorded at the close of 2022. This diversifying conglomerate continues to extend its reach across nearly the entirety of Georgia's geography.
These promising figures not only validate Nikora Group's growth strategy but also underscore its resilience in an increasingly competitive marketplace.