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(Alliance News) - Georgia Capital PLC on Thursday praised Georgia's economy as it reported an increase in net asset value amid a surge in gains on investments.
The Tbilisi-based investor focusing on domestic businesses in Georgia said net asset value per share improved 3.4% in sterling terms to GBP24.23 as at December 31, from GBP23.44 at September 30.
In Georgian lari terms, NAV rose 7.7% over the same period, to GEL82.94 from GEL76.99.
For all of 2023, the company reported a sharp swing to a pretax profit of GEL608.6 million, about GBP183.3 million, from a loss of GEL12.2 million in 2022. Gains on investments at fair value skyrocketed to GEL568.4 million from GEL925,000.
The results in the fourth quarter of 2023 "demonstrate the significant strategic, operational and financial progress of Georgia Capital, supported by the sustained growth of the Georgian economy," the company said.
The company highlighted that annual inflation declined in Georgia last year, with the annual average rate at 2.5%, below the 3% target. It added that in January this year, headline inflation was 0.0%.
Looking ahead, Georgia Capital continues to be optimistic: "As our hospitals and retail (pharmacy) businesses adapt to the evolving regulatory landscape, we anticipate an even more significant opportunity for value creation across our portfolio companies. This outlook is underpinned by the resilience of the Georgian economy and the emerging opportunities presented by the approval of Georgia's candidacy status by the EU in December 2023."
Georgia Capital shares rose 2.8% to 1,231.82 pence each on Thursday afternoon in London.
By Tom Budszus, Alliance News slot editor
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