Galaxy Group of Companies publishes 2019 tax and credit indicators

The following is a press release by Galaxy Group of Companies

The 2019 tax portfolio of Galaxy Group of Companies was more than USD 31 million which has increased for about USD 4 million compared to the same indicator of 2018. Galaxy Group of Companies, one of the large taxpayers and employers of Armenia which unites about 3000 employees of 15 companies published the 2020 economic and social impact annual report that presents taxes and duties paid to the state by the group of companies, credit portfolio, wage-fund, impact indicator on the country's GDP and other important information of 2019.

“Armenia is the center of our interests which is evidenced by the result of our 20-year long operation. We believe that we may have our contribution to the sustainable development of the country and improvement of the people’s life quality and we take steps towards the direction of fulfilling that mission” Co-founder and CEO of Galaxy Group of Companies Aram Khachatryan said. 

Galaxy Group of Companies has access to every third household in Armenia through its products and services. Typical characteristics of the community are 18-55 years old urban women and men with higher education, of middle and high-income group, 46.3% of which is politically active and the Internet is the primary source of information for 76%.

During 2019 alone the acquisitions by Galaxy group of companies from the local market was USD 53 million that had a considerable impact on the country’s GDP. In 2019 Galaxy group of companies had 3.02% share in the credit portfolio provided by the RA banks that was about USD 128 million which ensured significant profitability for the banking system. The wage-fund was significantly improved in the group of companies. The average monthly wage of the group of companies, which was AMD 314,000 in 2018, increased to AMD 376,000 in 2019, and the income tax paid was AMD 3.709 billion.

We would like to remind that the group of companies announced that it summarizes the first quarter of restrictions on economic activity without job cuts. The company’s detailed economic and social impact report is available on the official website.