Galt & Taggart

Transportation volumes going through Georgia continued growth in 1H21. Georgian Railway generated US$ 83.6mn in revenue in 1H21, up 3.3% y/y. The growth was mostly driven by increased revenue from sale of scrap as well as higher revenues from freight...

Monetary policy: Inflation accelerated across the region in 2021 and most of regional central banks continued monetary policy tightening in Sept-21. After the 5th interest hike from the central bank, Armenia’s Dram also strengthened, up 1.4% m/m in S...

Silknet’s performance improved considerably in 2Q21, boosted by faster than expected recovery of Georgian economy and gradual revival of tourism. The company generated GEL 197.8mn (+6.9% y/y) in revenue and GEL 100mn (+4.5% y/y) EBITDA in 1H21 (exclu...

Wine & spirits business is one of the most profitable sectors in Georgia. The sector posted 30.2% gross profit and 20.8% operating profit margins in 2019, 1.4x and 1.7x above the business sector averages, respectively. Notably, top 10 companies.....

Monetary policy: Due to increasing concerns on inflationary pressures, regional central banks have tightened monetary policy in July, 2021. This is the 2nd time the central bank raised interest rates in 2021, after 75bps increase in April. FX market:...

The Covid-19 pandemic has boosted Georgia’s e-commerce market, as lockdowns encouraged many to purchase online for the first time or increase the frequency of online purchases. The lockdowns also forced Georgian companies to expand their online offe....