Business

Net revenue of the wine business was up by 40.4% to GEL 17.4 million in 3Q23

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Tbilisi (GBC) - The net revenue of the wine business was up by 40.4% to GEL 17.4 million in 3Q23 (up by 49.1% y-o-y to GEL 43.2 million in 9M23), driven by a 61.7% increase in the number of bottles sold in 3Q23 (up by 75.1% in 9M23), attributable to significant growth in exports (export share in total sales was up by 5.3ppts to 86.5% in 3Q23 and up by 6.1ppts to 87.0% in 9M23).

Consequently, EBITDA increased 6.2 times to GEL 2.3 million in 3Q23 (up by GEL 3.0 million to GEL 2.9 million in 9M23). The wine business produces and sells wine locally and exports it to 24 countries. The wine business owns three top-class wineries across Kakheti’s three wine-making regions and is in the top five wine producers by vineyard base in Georgia. The vast majority of the vineyards grow Georgia’s flagship red wine grape, Saperavi.

The wine business sold 8.4 million bottles of wine in 2022, with approximately 81% of sales coming from exports. The business has a market share of 4.7% in the Georgian wine export market. The ongoing war negatively impacted the wine business, which had significant exposure to the Russian and Ukrainian markets (61% and 56% of the FY21 and FY22 net revenues, respectively, were generated from sales in these markets). JSC Teliani Valley, Kindzmarauli Marani, LLC, Alaverdi.

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