GURGEN KHACHATRYAN'S ADDRESS

“UNION 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