2022 IMPACT REPORT SOCIAL & ECONOMIC
The report presents data of 2021.
© GALAXY GROUP OF COMPANIES. ALL RIGHTS RESERVED 2022
People are the head, heart, and muscles of every business. Its them that make the company work and bring out its uniqueness. Each of us, individually and collectively, contributes to the company, develops new ideas, and overcomes obstacles along the way.
Last year we chose the symbol of stone as the concept for the annual report. Stones are meant to construct the foundation. And to make sure it is strong and resilient, to build on it and to prosper – people are the key.
Today’s Galaxy Group is a story of team success, as each and every team member has made sure the foundation of our company is kept intact, with a pursuit of new heights.
GURGEN KHACHATRYAN'S ADDRESS
AND DEDICATION TO ENSURE BUSINESS SUSTAINABILITY IN UNCERTAIN TIMES”
As 2020 was one of the hardest years for Armenia, the previous year was all about rising and getting back on our feet. While our nation has been recovering the economy and slowly regaining normalcy, we at Galaxy Group, having accountability towards the community, including our employees, their families and our customers, have been further unified to collaboratively respond to the challenges.
The viable team spirit remained the key for ensuring business continuity, giving us confidence to set ambitious goals. Thus, we added efforts to further consolidate our community to ensure the teams’ synergies are intact and our companies are unified towards the shared purpose.
Another key pillar along the way was the partnership spirit with our local and international partners. We not only advanced our ongoing projects at various stages, but also
created international platforms to initiate strategic projects also of the regional character. It is worth to mention that we diversified our business portfolio by promoting local production.
Stemming from our strategy, the primary ambition behind each venture remained our duty to contribute to the development of Armenia. And, we succeeded to bring improved social and economic impact, documented in all key directions.
Particularly, last year Galaxy Group of Companies provided more than AMD 15.2 billion (more than USD 30.2 million) in the form of tax payments to the RA state budget. This is a 31% increase from the previous year. Purchases from the local market amounted to around USD 56 million, indicating a more than 55% increase from the last year. It is noteworthy that the average monthly salary in Galaxy Group is AMD 387,329, and around AMD 2.9 billion were transferred to the state budget as income taxes, which is more than a 34% increase from the last year.
Yet, the impact of our Group on Armenia’s economy is way beyond the aforementioned numbers, given the fact of providing a uniquely diverse scope of products and services to the population.
The feeling of the added value in the country’s economy gives new energy to our employees in undertaking their commitments. And, indeed, this Report reflects efforts of each and every employee and the Group’s determination to carve a successful future for the company. Through our union and dedication to the work that we believe in, and our resilience, that we can face challenges, we will continue to move forward.
GURGEN KHACHATRYAN
Co-Founder and Co-Chairman Galaxy Group of Companies“UNION
ABOUT THE COMPANY
SOCIAL & ECONOMIC IMPACT ECONOMIC ACTIVITY IN NUMBERS ABOUT THE COMPANY
Galaxy Group serves as the holding company of 15 business units, 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.
Our corporate history traces back to 1999, from which point on the Galaxy Group of Companies of today has been formed step by step, overcoming multitudes of challenges along the way. In a 22-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 suit, whilst maintaining the characteristics unique to them.
However, among the many feats we have accomplished 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 story is not unique by any means. Nor is it an overglorified underdog story. We did not have 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 by fictitious literature. Galaxy Group of Companies 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.
