Galaxy Group’s economic impact in Armenia
At the core of every business are people who ensure progress through teamwork. This idea is the base of this year’s concept for the economic and social impact report of Galaxy Group of Companies.
The report presents the Group’s tax and credit portfolio, number of employees, salary fund, data of the impact on the country’s GDP, and other important information.
In particular, last year, Galaxy Group of Companies transferred more than AMD 15.2 billion (more than USD 30.2 million) to the RA budget in the form of tax payments. Tax payments increased by 31% compared to the previous year.
“At Galaxy, each of us individually and collectively contributes to the development and growth of the company by generating ideas, implementing them, and overcoming challenges together. And contributing to the economic development of Armenia – is one of the important prerequisites for the Galaxy Group activities and a motivation for our employees,” – said Aram Khachatryan, Co-founder and CEO of the Galaxy Group of Companies.
The average monthly salary at Galaxy Group of Companies in 2021 was AMD 387,329 drams, and about AMD 2.9 billion of income tax was transferred to the state budget, recording an increase of more than 34% compared to the previous year. Purchases from the local market amounted to about USD 56 million, which, compared to last year, indicates more than 55% increase.
Guided by the corporate values of responsible business and accountability, Galaxy Group traditionally publishes economic and social impact reports.
The complete annual report is available here.
Galaxy Group of Companies is one of the largest employers and taxpayers in Armenia. throughout its 20+ years of operations, Galaxy Group has created and developed 15 businesses in Armenia, Georgia, and Belarus, providing management and strategic development. The success factors of all companies have been sectoral innovation, effective team engagement and the responsible business culture developed on the basis of continuous learning. The founders of Galaxy Group of Companies are Aram Khachatryan, Gurgen Khachatryan and Artyom Khachatryan. At present, the number of employees in Galaxy Group of Companies exceeds two thousand, and implementation of various social responsibility programs in the fields of education, innovation and social improvement is a key component of the company’s operational work.