2 3 Galaxy Group of Companies Company Overview 2023
COMPANY OVERVIEW 2023 © All rights reserved 2023, Galaxy Group of Companies 1999-2023. No part of the content or the content n comp ete n the Company Overview 2023 may be used without the written consent of the Galaxy Group of Companies. Ethically created by AxelMondrian & Partners CSJC, Yerevan Gate
Galaxy Group of Companies is a multi-industry and multinational conglomerate headquartered in Yerevan and operating in three countries. The Group stands as one of the largest corporations in the region, having consistently ranked among the top taxpayers in Armenia, and comprises 15 companies, each positioned as leaders in its respective industries.
While the commercial nature of business remains as an integral part of the corporate operations, Galaxy Group’s mission extends way beyond business affairs. With each new company, the Group brings new, disruptive innovations to the private sector in order to both ensure constant development and raise the prevailing standards within the market. Galaxy Group is also a big proponent of social responsibility, having implemented many CSR projects to improve lives and communities as well as promoting corporate citizenship as an inherent business value in Armenia.
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of Companies Company Overview 2023
Galaxy Group
Employees
Local
FOUNDATION
Portfolio & causes
Social projects
Educational projects
Cultural projects
Initiatives & events
Content & development projects
CONTENTS OUR COMPANY Story Values Founders Model Governance OUR PORTFOLIO Relations Timeline Businesses 28 08 Preface Key people IMPACT & ACCOUNTABILITY
& salary fund
paid
Taxes
marke t acquisitions Finances & loans
GALLERY 58 70 84
8 Galaxy Group of Companies Company Overview 2023
OUR COMPANY
Behind the image of a multi-industry, successful corporation hides the over 24 years long journey of hard work, trials and tribulations, failures that are masked by the eventual outcome.
Galaxy Group of Companies was not an overnight success, on the contrary, it was the result of consistency and resilience; the dozens of mistakes made along the way mixed with the willingness to accept and learn from those experiences.
Before forming Galaxy Group of Companies, Gurgen and Artyom Khachatryans and their cousin Aram Khachatryan were just young brothers who aspired to be entrepreneurs. They tried their hands at starting multiple small businesses in their youth. Worked hard, had successful cases, failures too, but known today as Galaxy.
governance
key people model
story values founders
Overview 2023 10
Galaxy Group of Companies Company
Among the many feats we have accomp-lished over the years, what we take the most pride in is the fact that Galaxy Group of Companies is formed with capital of mainly Armenian origin. Our primary objective with each company that we establish is to contribute to the development of Armenia’s economy and to improve the quality of life of our community. It is our belief that the well-being and prosperity of our company is directly correlated with that of our country—therefore, in this mutually symbiotic relationship, we have to ensure that we hold our end of the deal and do our part in developing Armenia.
OUR COMPANY
STORY our
Our corporate history traces back to 1999, from which point on Galaxy Group of Companies of today has been formed step by step, overcoming multitudes of challenges along the way. In a 24-year span, we have managed to expand and diversify our business portfolio, establish brands beloved by customers, enter and innovate a variety of industries. Our companies have become leaders in their respective industries, setting new benchmarks and standards for others to follow, whilst maintaining the characteristics unique to them.
Our story is not unique by any means. Nor is it an a sudden rise to the glory, did not experience ups and downs of galactic scale. Our story does not resemble that of a business fairy tale propagated is just an example of a company operating on a fundamentally sound basis, sticking to its guns through thick and thin without letting external pressure get in the way. We take no shortcuts, do not compromise our quality for short-term gains and, ultimately, never put personal interests above those of the institution. We let our work do the talking—success is merely its by-product.
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Overview 2023
Galaxy Group of Companies Company
MESSAGE FROM PREFACE OUR FOUNDERS
“In business mistakes are inevitable. In fact, 90% of businesses, fail not because of mistakes at Galaxy Group belong to the other 10% that starts over and over again until they achieve their goal. Hard work, continuous learning and consistency are the foundation of our team’s success.
From small to big, we don’t have minor tasks— in our mission to deliver success, every detail is important. While everyone’s aiming at the stars, trying to explore the universe, we at Galaxy believe in the commitment to improve our own home, community and the lives around us. Whatever you search for—that’s here, that’s home, that’s us! ”
14 15 Galaxy Group of Companies Company Overview 2023
forward thinking
We always challenge the ordinary, rethink the
answer them with our work. We meet the challenges through knowledge-based approaches. Our ability to see ahead and calculate all courses of action lead us to practical innovation with maximal output. We always think about the markets of tomorrow.
continuous learning
Excellence comes from our ability to learn from each other. We work hard, we try, we evaluate, we deliver and we grow. On the path of our business advancement, each experience brings new knowledge, while enhancing the opportunities of implementing our mission towards bettering the
game-changing
With every market we enter and every project we initiate, we set new standards for the industry. We strive to change the game not for the sake of merely shaking things up but pushing ourselves and our competitors towards better understanding and comprehension of our customers’ needs. We’re on a mission to improve people’s everyday lives.
our VALUES
OUR COMPANY
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Group of Companies Company Overview 2023
Galaxy
FOUNDERS
Gurgen Khachatryan is the Co-Founder and Co-Chairman of Galaxy Group of Companies and also serves as the Chairman of the Board of Directors of Ucom CJSC. He is responsible for the strategic development and expansion of the Group, including partnerships and joint ventures with international players, such as Ericsson, Etix, Swatch Group, Richemont Group, Marriott International, and PAUL international among others. Gurgen curates high impact industries in the Group, such as Telecommunications and Commercial Real Estate. He was at the roots of establishing country’s leading telecom operator, the largest Internet & IPTV provider – Ucom.
Gurgen holds a Ph.D. in Law from Yerevan State University and is an alumnus of Harvard Business School, Executive Education.
Artyom Khachatryan is the Co-Founder and Co-Chairman of Galaxy Group of Companies. He curates and develops retail and hospitality industries in Galaxy Group, driving the most dynamic and actively expanding companies. His portfolio is comprised of Courtyard by Marriott hotel and Teryan5 residential building, PAUL French bakery franchise in Armenia, Chronograph—chain of luxury jewelry & watch boutiques in Armenia and Georgia, TI’ME & Pandora premium jewelry and watch stores in Armenia, Georgia and Belarus.
Artyom holds a Ph.D. in Law from Public Administration Academy in Armenia and is an alumnus of London Business School, Executive Education and Saïd Business School, University of Oxford, Executive Leadership.
Aram Khachatryan is the Co-Founder and CEO of Galaxy Group of Companies. He is in charge of organizational development and operations
company of Galaxy – MegaFood, one of the largest importer and distributor of confectionery and food products on the local market. He has driven the retail direction of the Group for many years setting benchmarks for the industry. He has received a Vazgen Sargsyan Medal from Armenia’s Ministry of Defense, as well as a medal from the Armenian Soldier Association for his continuous contribution to the national defense.
Aram holds a Ph.D. in International Relations from Yerevan State University. He is an alumnus of Saïd Business School, University of Oxford, Executive Leadership.
GURGEN KHACHATRYAN Co-Founder & Co-Chairman gurgen@galaxygroup.am
our
OUR COMPANY
ARAM KHACHATRYAN Co-Founder & CEO aram@galaxygroup.am
ARTYOM KHACHATRYAN Co-Founder & Co-Chairman artyom@galaxygroup.am
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Overview 2023
Galaxy Group of Companies
Company
OUR COMPANY
PEOPLE
ARUSTAMYAN ARINA Commercial Director, Ucom arina.arustamyan@ucom.am
BAGHDASARYAN VIKTORYA
HR & Org. Development Director, Ucom viktorya.baghdasaryan@ucom.am
GABRIELYAN ELINA
Deputy CEO, Business Operations, Galaxy Group elina@galaxygroup.am
ASATRYAN ARMEN Upay armen.asatryan@upay.am
BEGLARYAN CHRISTINA
Co-Founder & CEO, Gate2 christina@gate2.am
GELASHVILI TAMAR
General Manager, Chronograph Georgia tamar.gelashvili@chronograph.ge
AVAGIMYAN SHUSHAN
Business Development Director, Yerevan Mall shushan@yerevanmall.am
DANIELYAN AREG Director, Kino Park areg.danielyan@kinopark.am
GHAZARYAN ANNA
TI'ME Group anna.ghazaryan@time.am
AVETISYAN GABRIEL
Chronograph gabriel.avetisyan@chronograph.am
DILANYAN VAHAN
Galaxy Group vahan.d@galaxygroup.am
GRIGORYAN MARINE
Chief Brand Management & marine.grigoryan@time.am
BABAYAN TIGRAN
Galaxy Group tigran@galaxygroup.am
GABITASHVILI KETEVAN Country Manager, TI'ME Georgia ketevan.gabitashvili@time.ge
HAKOBJANYAN DAVID
Chief Accountant, Galaxy Group david@galaxygroup.am
key
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of Companies Company Overview 2023
Galaxy Group
OUR COMPANY
PEOPLE
HAKOBYAN ARTYOM
Yerevan Mall artyom.hakobyan@yerevanmall.am
KARAPETYAN EDGAR
Director of Strategy and Innovation Galaxy Group edgar@galaxygroup.am
LORIKYAN HAYK
Deputy CEO, Business Development, Galaxy Group hayk@galaxygroup.am
HOVHANNISYAN NORAYR
Commercial Director, TI'ME Group norayr.hovhannisyan@time.am
KHACHATRYAN LIANA
TI'ME Group liana.a.khachatryan@time.am
MANASYAN HAYK
Head of Sales Department, Megafood hayk.manasyan@megafood.am
ILBEKYANTS VAHRAM
Technical Director, Ucom vahram.ilbekyants@ucom.am
KHACHATRYAN RIMA Head of HR, Yerevan Mall rima@yerevanmall.am
MANUKYAN HAYK
Commercial Director, Yerevan Mall hayk.manukyan@yerevanmall.am
TI'ME Group tatevik.kamalyan@time.am
KHACHATRYAN VAHE
Head of Project Management Galaxy Group vahe@galaxygroup.am
MARGARYAN SHUSHAN
Product Development Manager, Galaxy Group shushan.m@galaxygroup.am
KARAPETYAN ARTUR
Customer Care Director, Ucom artur.karapetyan1@ucom.am
KROYAN GAYANE
Chief Marketing & Research gayane@galaxygroup.am
MATEVOSYAN ARTHUR Treasurer, Galaxy Group arthur@galaxygroup.am
key
KAMALYAN TATEVIK
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of Companies Company Overview 2023
Galaxy
Group
OUR COMPANY
PEOPLE
MAZULYAN NAREK
Megafood narek.mazulyan@megafood.am
NALBANDIAN ANNA
Deputy CEO, Chronograph anna.nalbandian@chronograph.am
SIMONENKO EVGENIY Country Manager, TI'ME Belarus evgeni.simonenko@timegroup.by
MKHITARYAN ARAM
IUnetworks aram.mkhitaryan@iun.am
PARSYAN SYUNE
Financial Director, Ucom syune.parsyan@ucom.am
SOGHOMONYAN TIGRAN
Santafe/Pahest 33 tigran.soghomonyan@pahest33.am
MKRTCHYAN GAREGIN
Technical-Administrative Director Yerevan Mall g.mkrtchyan@yerevanmall.am
SARGSYAN ASTGHIK
Galaxy Group astghik@galaxygroup.am
YENGIBARYAN ARMINE
Megafood armine.yengibaryan@megafood.am
MNATSAKANYAN ARSEN
TI'ME Group arsen.mnatsakanyan@time.am
SEKOYAN VAZRIK
Yerevan Mall ceo@yerevanmall.am
YEPREMYAN LAURA
Paul Armenia laura@paularmenia.am
MURADYAN ARMAN
Head of Audit, Galaxy Group arman@galaxygroup.am
SHAHRAMANYAN TIGRAN
Head of Logistics Department, Megafood tigran.shahramanyan@megafood.am
YIRIKIAN RALPH Director General Ucom ralph.yirikian@ucom.am
key
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Group of Companies Company Overview 2023
Galaxy
MODEL our OUR COMPANY
From an idea to a project, from a project to a company – Galaxy has created its companies from the ground up, taking the role of management and strategic development. Currently, each of the 15 companies operating under Galaxy Group was concept, then those became investment projects which were then followed by incorporation of partners and international investors. As a result, those investments projects became established companies famous to the public for their exceptional quality and service culture.
company project concept
Companies are the core of Galaxy Group. They perform and deliver values to the customers and come back to home base for strategy, consulting, business development and reporting.
As we go further with the project, we develop,
involve partners, investors and hire project teams to set it up for success.
Initially, all you have is an idea but that idea is everything. We at Galaxy have developed our own set of tools and funnel for testing ideas.
26 27 Galaxy Group of Companies Company Overview 2023
CORPORATE AUDIT CHARTER
CODE OF BUSINESS CONDUCT
corporate GOVERNANCE
Galaxy Group of Companies guarantees compliance with high international standards of corporate governance, application of best practices and management.
To establish a distinct, measurable and accessible environment across all activities in Galaxy Group of Companies, we developed and introduced procedures and mechanisms, as well as norms and directives ensuring successful implementation of standards.
INCLUSION & DIVERSITY POLICY
THIRD PARTY RISK MANAGEMENT
BUSINESS ETHICS
OUR COMPANY
28 29
Group of Companies Company Overview 2023
Galaxy
Galaxy Group of Companies has established its business presence in various industries in the private sector, anchoring its position as business portfolio.
From commercial real estate and construction all the way to entertainment and retail, businesses operating under Galaxy Group’s umbrella cover a range of industries and cater to all kinds of customers.
Regardless of the industry we operate in, it is Galaxy Group’s number one priority to bring market and provide customers with superior and innovative solutions.
Combining said traits with international best practices, we offer exceptional value and disruptive innovations in every industry we enter.
OUR PORTFOLIO
relations timeline businesses
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Companies Company Overview 2023
Galaxy Group of
OUR
RELATIONS
Partnerships are crucial for the advancement of our business as they help us create and share novel ideas, foster development and bring in new innovations. With the dynamic and ever-growing landscape of the business world, maintaining effective relations with business partners plays a pivotal role for us in synergizing and incorporating a diverse spectrum of new technology and knowledge into our own corporation.
AUSTRIA BULGARIA CHINA DENMARK FRANCE
NORWAY POLAND RUSSIA SPAIN SWEDEN
PORTFOLIO business
USA
UAE
UK USA
GERMANY GREECE ITALY JAPAN
NETHERLANDS SWITZERLAND
UKRAINE
UAE
JAPAN
EU Countries CIS Countries
CHINA
RUSSIA
BELARUS
32 33 Galaxy Group of Companies Company Overview 2023
GEORGIA ARMENIA
IU
TI’ME Armenia ROOMSHIN
UPAY Armenia
TOUS Belarus TERYAN5 & COURTYARD BY MARRIOTT
KATNA GATE2
PAUL Armenia PANDORA Belarus PANDORA Armenia
ALWAYS THINKING ABOUT THE MARKETS OF TOMORROW
PORTFOLIO
development OUR
NETWORKS MEGAFOOD SANTAFÈ CHRONOGRAPH Armenia UCOM MEGATOYS MEGASPORT
UCOM
TI’ME Belarus
PAHEST 33 PANDORA Georgia
CHRONOGRAPH Georgia TI’ME Georgia CAPTAIN KID KINOPARK YEREVAN MALL
34 35 Galaxy Group of Companies Company Overview 2023
OUR PORTFOLIO
businesses
Galaxy Group serves as the holding company of 15 businesses, reserving the role of management and strategic development of its subsidiaries. Offering a completely new culture and innovative products, our companies are all unique in their own right. We are all united around the same purpose, that is to find the best solutions for effective service delivery.
3 countries
15 businesses
200+ partner companies
2200+ employees
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Group of Companies Company Overview 2023
Galaxy
ESTABLISHED
PROFILE
EMPLOYEES
COUNTRIES
CEO Armenia, Georgia
GM Georgia
WEBSITE
high-end watches, accessories and jewelry.
is the biggest selection of luxury brands in Armenia and Georgia and also the provision of a professional service of maintenance and repair of premium jewelry and luxury goods
Retail of Luxury Watches and Jewelry
2009 33*
Armenia, Georgia
Gabriel Avetisyan
Tamar Gelashvili
chronograph.am chronograph.ge
GAME-CHANGING SOLUTION
kind, both in Armenia and in the region, to offer luxury watches and jewelry from world renowned brands. Chronograph proudly represents more than 30 internationally famous brands in Armenia and Georgia.
& German RETAIL & CONSUMER GOODS
watches Swiss
JEWELLERY ACCESSORIES
+37411500400
Northern Avenue, 0010 Yerevan, Armenia
info@chronograph.am
5
PARTNERS*
39 38 Galaxy Group of Companies Company Overview 2023
ESTABLISHED
PROFILE
2022
Premium Travel Agency
Christina Beglaryan CEO
WEBSITE
gate2.am
Gate2 is a premium travel agency that specializes in indulgent vacations and executive business travel, covering all travelling needs to
Gate2 is there to give people a sense of belonging, that whatever the destination, they deserve to be there, they are meant to be there. It helps people feel connected and intimate with their experiences, evoking feelings of passion and sensual emotions.
GAME-CHANGING SOLUTION
Armenia to offer travel concierge services to its customers, taking care of all their needs and accommodations, down to the smallest detail, and employing a 360 degree approach when it comes to organizing travel arrangements.
travel concierge luxury travel
VACATIONS
info@gate2.am
+374 11 222 022
28 Koghbatsi str, 0002 Yerevan, Armenia
ENTERTAINMENT & HOSPITALITY
DREAM
MOON 40 Galaxy Group of Companies Company Overview 2023 41
SOFTWARE DEVELOPMENT
PROFILE
ESTABLISHED EMPLOYEES CEO WEBSITE
2008
Software Solutions
83* Aram Mkhitaryan
iunetworks.am
IUNetworks is an Enterprise Software Development company founded in 2008. IUNetworks has vast experience in designing, developing, testing and deploying single window solutions, customs and revenue management systems in several regions of the world including in Central and South Asia, Africa, South Caucasus, Eastern and Central Europe.
GAME-CHANGING SOLUTION
With the professional staff of software engineers the company has recently successfully delivered fully integrated comprehensive software solutions for Tax and Customs Administration as well as such for Single Window processing in Foreign Trade in Armenia, Tajikistan, and Kyrgyzstan. Among the most recent company engagements and Tax are Customs Administration Systems in Zimbabwe, Micronesia, Gambia and Ghana.
27001 Information Security to assure high quality and reliability of the solutions offered.
info@iunetworks.am
+37411500650
38/1 Pushkin str., 0010 Yerevan, Armenia
IT & TELECOMMUNICATIONS
PARTNERS*
43 42 Galaxy Group of Companies Company Overview 2023
cereals
Megafood is one of the largest importers and distributors of confectionery and food products in Armenia. It gradually increased its volume and market share and widened its range of offerings by introducing new food products of world-known brands to the local market.
meat products
ESTABLISHED
PROFILE
EMPLOYEES
Food Production, Import & Distribution
1999 231*
Armine Yengibaryan CEO
megafood.am WEBSITE
Since 2020 MegaFood has worked for the creation of dairy products of love, warmth and affordable to all families, and it entered the market with the products of Katna Armenian cheeses.
GAME-CHANGING SOLUTION
products from famous brands in Armenia, causing a massive change in its industry by eliminating third-party resellers.
info@megafood.am
+37411511114
25/1 Arshakunyats Ave., 0026 Yerevan, Armenia
FOOD INGREDIENTS
CHOCOLATE IMPORT & PRODUCTION
& pulses DAIRY PRODUCTS CONFECTIONERY &
PARTNERS*
45 44 Galaxy Group of Companies Company Overview 2023
bar
ESTABLISHED
Hospitality PROFILE
EMPLOYEES
CEO
WEBSITE
2017 31* Tigran Soghomonyan
pahest33.am
info@pahest33.am
+37444999959
29/4 Moskovyan str., 0002 Yerevan, Armenia
Located in the glamorous "Bohemian" area of Yerevan. Pahest33 bar-restaurant is the ideal
from the best bartenders in Armenia. Later in the evening, we offer impeccably curated music from the most talented DJs in Armenia who will drop the beats for your unforgettable party.
GAME-CHANGING SOLUTION
Featuring a well-thought conceptual design, in Yerevan that deviates from conventional standards to offer a new perspective on what such an establishment ought to be.
ENTERTAINMENT & HOSPITALITY
FUSION & INTERNATIONAL exclusive
46 Galaxy Group of Companies Company Overview 2023 47
music
PROFILE
ESTABLISHED EMPLOYEES
2022
French boulangerie
42*
Laura Yepremyan CEO
Experience french “Art de Vivre” in the heart
the tempting aroma of freshly baked croissants, patisseries, and other delicacies. In the evenings you can relax and have an enjoyable dining experience.
PAUL introduces French art of making bread and delicious pastries to the Armenian culture.
GAME-CHANGING SOLUTION
With strong nutritional and environmental commitments, PAUL Armenia produces the
only the highest quality, authentic ingredients— an approach that allows providing customers with freshly-baked goods throughout the day.
info@paularmenia.am
8 Abovyan street, 0010, Yerevan, Armenia
34 Arshakunyats Ave, 0026, Yerevan Armenia
CUISINE FRENCH
ENTERTAINMENT & HOSPITALITY
pâtisseries salon de thé
48 Galaxy Group of Companies Company Overview 2023 49
HD QUALITY
of BROADCASTING
PROFILE
ESTABLISHED EMPLOYEES CEO
2005
Enternainment & Hospitality
74*
Tigran Soghomonyan
santafe.am WEBSITE
info@santafe.am
+37444999929
29/4 Moskovyan str., 0002 Yerevan, Armenia
One of the well-known open-air café-restaurants in Yerevan, SantaFe is located in the central district of the city, near famous monuments such as the Cascade and Opera House. The company recruits professionals from different countries and different culinary food.
GAME-CHANGING SOLUTION
in Yerevan to feature ground fountains near the green zone, a large bar, a specially designed wine zone, and a children's playground in one place.
ENTERTAINMENT & HOSPITALITY
live lounge music
SIGNATURE MENU 50 Galaxy Group of Companies Company Overview 2023 51
ESTABLISHED
PROFILE
EMPLOYEES
COUNTRIES
GROUP CEO
COMMERCIAL DIRECTOR
COUNTRY MANAGERS
Georgia Belarus WEBSITE
JEWELLERY ACCESSORIES watches
info@time.am
Retail & Service of Watches and Jewelry
2012 270*
Armenia, Georgia, Belarus
Arsen Mnatsakanyan
Norayr Hovhannisyan
Ketevan Gabitashvili
Evgeniy Simonenko time.am time.ge time.by
+37411848484
1/1 Derenik Demirchyan, 0001 Yerevan, Armenia (Headquarters)
TI'ME represents world-famous watches and jewelry brands in Armenia, Georgia and Belarus. Boasting a wide portfolio of watches for men and women, the focus is on catering consumers’ shopping needs by dynamically developing TI'ME portfolio in all three markets.
GAME-CHANGING SOLUTION
In addition to improving the market for mid-class watches and jewelry, TI’ME offers a premium service for its customers, providing a unique customer experience as well as after sales services that are otherwise found only at highend stores.
RETAIL & CONSUMER GOODS
PARTNERS* 53 52 Galaxy Group of Companies Company Overview 2023
HOTEL & RESIDENCY
ESTABLISHED
PROFILE
2019
Hotel & Premium Residence
19* EMPLOYEES
WEBSITE
teryan5.am
GAME-CHANGING SOLUTION
Teryan5 is a real estate development project encompassing a 75 meters tall 22 story building, in houses a 173 key Courtyard by Marriott hotel, while Amenities for the residents include 4 levels of underground parking area for 90 cars, SPA, Fitness and concierge service. Total GBA of the building is includes a range of state-of-the-art features designed to improve the quality of life for residents and visitors alike. An elegant design coupled with its world-class services sets a new standard of luxurious living and the integration of all those features into a single building
PARTNERS*
info@teryan5.am
+3741122 22 55
5 Teryan street, 0001 Yerevan, Armenia
HOTEL & PREMIUM RESIDENCE
55 54 Galaxy Group of Companies Company Overview 2023
ESTABLISHED
PROFILE
EMPLOYEES
CHAIRMAN DIRECTOR GENERAL
WEBSITE
Telecommunications 2009 1338*
Gurgen Khachatryan
Ralph Yirikian ucom.am
provider in Armenia. The company is the internet market, as well as occupies the key position on the Armenian mobile internet market. in internet testing and analysis, which has awarded Ucom with “The Fastest Mobile Internet in Armenia 2017” Speedtest Award™ and “The Fastest Fixedline Network in Armenia 2021” award based on the analysis of Speedtest
GAME-CHANGING SOLUTION
In 2008-2009, Ucom partnered with Ericsson
a full coverage of Fiber optic communication network. Ucom also pioneered IPTV in Armenia which not only caused a disruption in the consumer market within two years of its introduction but also changed the perception of television consumption as a whole.
“The Fastest Fixed Network in Armenia 2022” and “The Fastest Mobile Network in Armenia 2022” awards, which is the best assessment of more than 1300 employees’ joint efforts not only on the scale of the Armenian market, but also on the regional and CIS countries’ levels.
(FO) networks, that meet the best international standards, Ucom is providing a convergent
700K customers.
TELECOM OF CUSTOMERS CHOICE 1ST
IT & TELECOMMUNICATIONS info@ucom.am +37411400400 8/4 Davit Anhaght str., 0069 Yerevan, Armenia IN ARMENIA PARTNERS*
57 56 Galaxy Group of Companies Company Overview 2023
ESTABLISHED 2014
PROFILE
Shopping & Entertainment Center 137* EMPLOYEES
Yerevan Mall, opened in 2014, is the largest mall in its size in Armenia. It has around
area and hosts a variety of more than 100 international brands. The company works in close partnership with franchise retailer Alhokair Group with its world-renowned brands. Yerevan Mall welcomes thousands of visitors a day from across the country to enjoy over 200 stores and attractions including the biggest ZARA in the region and the only Mango Man in Armenia.
GAME-CHANGING SOLUTION
Besides acting as a hub for shopping activities, Yerevan Mall is a family-oriented entertainment center with Captain Kid and Kinopark being its families.
Vazrik Sekoyan
yerevanmall.am CEO WEBSITE
It also works with Europe’s largest hypermarket chain Carrefour. With its subdivisions Kinopark Cinema and Captain Kids Treasure Island entertainment centers, Yerevan Mall has became a favorite leisure destination for families.
To be close to the customers and to inform them about the latest news, including on sales, special offers and buying cinema tickets online, in 2015 Yerevan Mall launched the for iOS and Android platforms in Armenia. Yerevan Mall Bonus Card allows to accumulate cashback from purchases and use the amount accumulated for shopping and services inside the mall.
FOOD & COFFEE GIFTS jewellery electronics & mobile SHOES & health & wellbeing products COMMERCIAL REAL ESTATE & ENTERTAINMENT info@yerevanmall.am +37411888888 34/3 Arshakunyats Ave., 0026 Yerevan, Armenia
PARTNERS* 59 58 Galaxy Group of Companies Company Overview 2023
IMPACT & ACCOUNTABLITY
taxes paid local market acquisitions finances & loans employees and salary fund job profile & salary comparison
Responsibility and accountability are principles that we, at Galaxy Group, believe to be intrinsic components of our business operations. As a proud employer of more than 2200 professionals and as one of the largest taxpayers in Armenia, it is thus essential that we try and remain as transparent and open as we can be in our reporting.
Galaxy Group of Companies Company Overview 2023
61
employees & salary FUND IMPACT & ACCOUNTABILITY Women Men 1,164 1,040 53% 47% Gender distribution 2,204 employees * Average for 2022 GALAXY RA * RA - Republic of Armenia ** AMD - Armenian Dram (currency) RA* 100,000 AMD 0 AMD 200,000 AMD 300,000 AMD 400,000 AMD 500,000 AMD 204,048 AMD 387,329 AMD 235,576 AMD 406,889 AMD 189,716 AMD 364,716 AMD 2021 2022 2020 387,329 AMD 2,218 employees 993,700 employees 2.870 bln AMD 204,048 AMD 1,138,300 employees 2021 235,576 AMD ** 406,889 AMD 2,204 employees 2.585 bln AMD 2022 ** 62 63 Galaxy Group of Companies Company Overview 2023
COMPARISON job profile & salary IMPACT & ACCOUNTABILITY GALAXY RA 900,000 AMD 400,000 AMD 0 1 - 9 10 - 49 50 - 249 250 + employees 590,246 AMD 111,868 AMD 376,664 AMD 215,088 AMD 463,729 AMD 287,358 AMD 368,194 AMD 400,889 AMD 856,787 AMD 129,344 AMD 507,542 AMD 234,840 AMD 451,054 AMD 327,671 AMD 381,411 AMD 393,438 AMD 2020 229,938 AMD 103,504 AMD 252,647 AMD 192,992 AMD 297,655 AMD 262,296 AMD 394,242 AMD 329,101 AMD 2021 2022 Employee distribution 400,000 AMD 800,000 AMD 0 Construction Consultation IT & Communication Real Estate Management Retail Security Wholesale Hospitality industries 163,828 AMD 325,181 AMD 341,277 AMD 394,242 AMD 116,547 AMD 346,112 AMD 343,023 AMD 150,758 AMD 2020 237,977 AMD 268,907 AMD 349,528 AMD 417,110 AMD 382,575 AMD 488,409 AMD 403,700 AMD 413,781 AMD 174,994 AMD 180,475 AMD 367,458 AMD 406,036 AMD 271,230 AMD 404,299 AMD 2021 2022 631,530 AMD 767,280 AMD 64.4% IT & Communication 2.2% Construction 1.6% Consultation 1.4% Security 6.7% Hospitality 5.2% Retail 8% Real Estate Management 10.5% Wholesale 64 65 Galaxy Group of Companies Company Overview 2023
RA TAXES paid IMPACT & ACCOUNTABILITY USD 4.0 bln USD 3.5 bln USD 3.0 bln USD 2.5 bln USD 2.0 bln USD 1.5 bln USD 2,989,249,617 2020 USD 2,752,780,358 2021 USD 4,429,550,828 2022 USD 4.5 bln GALAXY USD 32 mln USD 30 mln USD 28 mln USD 24 mln USD 26 mln USD 22 mln USD 20 mln USD 18 mln USD 16 mln USD 14 mln USD 30,218,211 2021 USD 27,973,272 2022 USD 22,238,602 2020 66 67 Galaxy Group of Companies Company Overview 2023
IMPACT & ACCOUNTABILITY ACQUISITIONS local market Allocations to travel agencies Services Fixed assets Talent development Transport Banking and payment Rent Bills Marketing Commercial Other USD 79,772 USD 2,497,270 USD 9,438,962 USD 183,496 USD 568,540 USD 600,118 USD 1,828,134 USD 1,595,632 USD 3,613,593 USD 1,390,186 USD 981,981 USD 13,094,492 2020 USD 10 mln USD 5 mln USD 25 mln USD 20 mln USD 15 mln USD 124,151 USD 6,033,223 USD 14,597,201 USD 327,637 USD 744,584 USD 782,642 USD 1,667,079 USD 2,011,584 USD 4,284,887 USD 2,061,057 USD 3,175,007 USD 19,968,621 2021 USD 24,578,882 USD 8,559,837 USD 423,792 USD 17,484,945 USD 430,022 USD 794,292 USD 1,137,590 USD 2,025,254 USD 2,458,994 USD 5,508,841 USD 2,229,201 USD 3,799,567 2022 0 69.5mln 68 69 Galaxy Group of Companies Company Overview 2023
RA IMPACT & ACCOUNTABILITY LOANS finances & USD 4,625,812,960 USD 4,400,808,917 USD 5,005,520,721 USD 4.6 bln USD 5.2 bln USD 4.4 bln USD 4.8 bln USD 5.0 bln USD 4.2 bln USD 4.0 bln USD 3.8 bln USD 3.6 bln 2022 2020 2021 Loans provided Interest expense Bond 110mln 130mln 90 mln 70 mln 50 mln 30 mln 10 mln 0 USD 114,927,237 USD 6,161,255 USD 5,478,927 USD 109,460,849 USD 6,686,524 USD 5,496,820 2020 USD 102,349,762 USD 7,111,924 USD 299,808 2021 2022 loans Galaxy Group’s share in the total loans provided by Armenian banks USD 379,310 USD 405,732 USD 176,764 2020 2021 2022 interest 2020 2.48 % 2021 2.49 % 2022 2.04 % Interest on bonds totaled 70 71 Galaxy Group of Companies Company Overview 2023
FOUNDATION
portfolio & causes social projects educational projects
cultural projects initiatives & events development projects
Our foundation aims to ensure the wellbeing of people, through contributing to the advancement of education, the improvement of social security, and systemic progress.
We realize that ensuring a brighter future through the path of sustainable development, of life.
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portfolio
CAUSES
We welcome any and all kinds of cooperation and joint projects that can advance our aims and contribute to our goals. The change starts here, in Armenia, with the community we are part of presently. For we are nothing special unless the people surrounding us are too.
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IMPROVING LIVES & COMMUNITIES
FOUNDATION
social projects
As a corporation with human-centric values, Galaxy Group of Companies bears social responsibility towards its community and stakeholders. Our corporate social responsibility projects aim to improve the quality of life of areas or social groups that are in need of assistance, and in places where we can make a difference for the better. We believe that moving forward is made possible solely through mutual cooperation and backing.
because we care
"A BOX OF WARMTH" DELIVERING TO THE CHILDREN OF ARTSAKH
"50 LETTERS, 50 SMILES" PROVIDING ACCESS TO EDUCATION THROUGH TECHNOLOGICAL DONATIONS
CONTRIBUTION TO THE INSURANCE FOUNDATION FOR SERVICEMEN
KINDNESS WILL SAVE THE WORLD SUPPORTING NGO'S BENEFICIARIES
AN ACT OF KINDNESS FOR KIDS IN VULNERABLE COMMUNITIES
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Group of Companies Company Overview 2023
Galaxy
CONTRIBUTING TO DESIGN THINKING
FOUNDATION
educational projects
Continuous learning and constant evolution are considered as values of permanent stature here, at Galaxy Group of Companies. In addition to boosting education within our community, we are committed to implementing education programs outside of our community as well. We believe that having a strong state can only be possible by means of an intelligent, future-oriented and contemporary society. We try to contribute to the creation of such a society, having the education at the center of our mission.
learning brings hope
FOR YOUNG GENERATION
"MAINSTREAMING INNOVATION" PARTNERSHIP FOR PUBLIC EDUCATION IN ARMENIA
COLLABORATION FOR INNOVATIVE ARMENIA
SUPPORTING ENGINEERING
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Group of
SUPPORTING NON-CONVENTIONAL ARTS
FOUNDATION
cultural projects
Galaxy Group of Companies places a lot of value on projects of cultural importance, the implementation of which unites people around a single, general idea and purpose. On the path of self-development, self-exploration and growth, culture can be the best companion. We aim to develop our country also through promoting culture and its dissemination in the society.
creativity takes courage
MAINSTREAMING CLASSICAL MUSIC
SUPPORTING NON-CONVENTIONAL ARTS
ENHANCING CULTURAL HERITAGE
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PROMOTING BUSINESS IN ARMENIA
"SUPPRTING ARMENIAN-FRENCH ECONOMIC RELATIONS"
"SUPPORTING BUSINESS COMMUNITY DEVELOPMENT"
POSITIONING & PROMOTING ARMENIA
initiatives & events
SUPPORTING THE FUTURE OF WORK
We believe that Armenia is one of the best countries to invest in. It is internationally considered as one of the safest countries in the world, one of the easiest to start a business. The year-round sun climate, the relatively cheap cost of living, along with high-quality human capital, sustainable monetary system and good educational and technological base make the country attractive for visitors and investors. For us, being a key business player in the Armenian market and the wider region, contributing to the economic development and bettering lives and communities
boosting development
SUPPORTING INNOVATIVE STARTUP PROJECTS
SUPPORTING HUMAN-CENTRIC ARCHITECTURE
FOUNDATION
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PROMOTING THOUGHT LEADERSHIP
"A BRIEF HISTORY OF HUMANKIND" TRANSLATING HARARI INTO ARMENIAN
FOUNDATION
content & development projects
Galaxy Group is founded upon a set of beliefs and ideals—that is to serve its community, ensure its well-being, stimulate economic development and provide a stable future for the coming generations. Our purpose is grand, yet simple at the core, as we utilize our ideas and concepts toward that end. We value human and future centric values very highly through implementing development projects and partnerships, while sharing and promoting this new discourse on a public level.
ideas paving the path
“MOSCOW-80” COMMUNICATING ACHIEVEMENTS OF ARMENIAN OLYMPIANS
INTERNATIONAL PRESS TRIP TO ARTSAKH
"95-55 HOMELAND" PROMOTING THOUGHT LEADERSHIP IN ARMENIA
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gallery
Texts are never enough to share the enriching experience of our community. This gallery is our modest kudos to all the great people, projects and emotions experienced throughout the year.
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Companies
Excellence comes from our ability to learn from each other.
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We’re on a mission to improvepeople’severyday lives.
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We alwaysthink about the markets of tomorrow.
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Human is the reason: human is the answer.
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We are hardworkingdudes: hard work is fun.
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Galaxy Group of Companies 1999-2023
+374 11 500 003
info@galaxygroup.am www.galaxygroup.am
1a Kievyan str. 0028 Yerevan, Armenia
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Content, visuals, and design of this overview have been developed by AxelMondrian & Partners
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