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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2022 7,021 · FY2023 12,063 · FY2024 14,609 — 3-yr total 33,693
JSC Nikora (Nikora Group) is one of Georgia's largest food producers, founded in 1998 — ~35% share of the meat-products market. Produces meat, dairy, fish, bakery, soft drinks and wine under Nikora / Nugeshi / Libre brands across ~500 SKUs, alongside an importer arm for alcohol, food and raw materials. The group employs 10,000+ people.
nikoraholding.gege.linkedin.com
Group parent — controls 12 companies · ownership
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross Margin | 31.0% | 30.7% | 28.4% | 28.0% | 29.2% | 29.5% | 29.3% | 28.9% |
| EBITDA Margin | 17.9% | 7.8% | 10.6% | 10.8% | 11.2% | 11.5% | 10.8% | 9.0% |
| EBITDAR | 77,853 | 50,731 | 58,720 | 67,213 | 87,013 | 124,779 | 152,336 | 143,599 |
| EBITDAR Margin | 23.2% | 12.1% | 11.0% | 11.1% | 11.6% | 12.3% | 11.8% | 9.9% |
| EBIT Margin | 16.0% | 5.7% | 4.6% | 4.9% | 6.4% | 7.4% | 6.8% | 4.7% |
| Net Profit Margin | 1.5% | 1.7% | -2.0% | -2.3% | 4.1% | 6.8% | 4.8% | 2.3% |
| Operating Expense % of Sales | 13.2% | 22.9% | 18.2% | 17.6% | 18.1% | 18.1% | 18.6% | 20.1% |
| Returns | ||||||||
| Return on Assets (ROA) | 2.5% | 3.0% | -3.0% | -3.6% | 7.4% | 12.8% | 9.2% | 4.1% |
| Return on Equity (ROE) | 8.4% | 13.0% | -17.8% | -34.7% | 52.4% | 53.1% | 31.3% | 14.8% |
| ROIC [EBIT / Invested Capital] | 42.5% | 16.3% | 9.3% | 10.4% | 17.0% | 22.6% | 19.4% | 11.7% |
| Leverage & debt balances | ||||||||
| Debt-to-Assets | 40.6% | 41.1% | 58.9% | 65.3% | 58.2% | 44.6% | 40.5% | 45.4% |
| Debt-to-Equity | 1.35x | 1.75x | 3.44x | 6.30x | 4.11x | 1.85x | 1.38x | 1.63x |
| Debt-to-EBITDA | 1.31x | 2.90x | 3.66x | 3.83x | 2.87x | 2.05x | 1.96x | 2.85x |
| Equity-to-Assets | 30.2% | 23.4% | 17.1% | 10.4% | 14.2% | 24.1% | 29.4% | 27.8% |
| Net Debt | 68,126 | 91,325 | 203,261 | 244,842 | 221,057 | 200,301 | 254,211 | 348,720 |
| Cash & Equivalents | 10,734 | 3,175 | 3,620 | 4,984 | 20,462 | 39,804 | 20,814 | 21,640 |
| Total Debt | 78,860 | 94,500 | 206,881 | 249,826 | 241,519 | 240,105 | 275,025 | 370,360 |
| Liquidity & working capital | ||||||||
| Current Ratio | 0.87x | 0.61x | 0.67x | 0.54x | 0.64x | 0.90x | 0.79x | 0.89x |
| Quick Ratio | 0.32x | 0.19x | 0.16x | 0.12x | 0.22x | 0.33x | 0.21x | 0.23x |
| Cash Ratio | 0.13x | 0.02x | 0.03x | 0.03x | 0.10x | 0.18x | 0.07x | 0.07x |
| Total Current Assets | 71,627 | 79,430 | 89,919 | 93,501 | 133,378 | 201,457 | 226,252 | 285,971 |
| Total Current Liabilities | 82,477 | 130,978 | 133,305 | 172,628 | 209,177 | 223,485 | 287,619 | 321,179 |
| Inventory | 45,051 | 54,013 | 68,092 | 72,967 | 88,113 | 128,815 | 167,197 | 211,979 |
| Trade Receivables | 14,256 | 22,228 | 18,091 | 15,550 | 24,707 | 32,838 | 37,916 | 52,352 |
| Trade Payables | 56,072 | 81,671 | 84,454 | 93,231 | 112,213 | 166,194 | 201,774 | 216,264 |
| Net Working Capital | -10,850 | -51,548 | -43,386 | -79,127 | -75,799 | -22,028 | -61,367 | -35,208 |
| Net Working Capital % of Revenue | -3.2% | -12.3% | -8.1% | -13.1% | -10.1% | -2.2% | -4.7% | -2.4% |
| Trade Working Capital | 3,235 | -5,430 | 1,729 | -4,714 | 607 | -4,541 | 3,339 | 48,067 |
| Trade Working Capital % of Revenue | 1.0% | -1.3% | 0.3% | -0.8% | 0.1% | -0.4% | 0.3% | 3.3% |
| Change in Trade Working Capital | N/A | -8,665 | 7,159 | -6,443 | 5,321 | -5,148 | 7,880 | 44,728 |
| Turnover & efficiency | ||||||||
| Inventory Turnover | 5.15x | 5.36x | 5.62x | 5.95x | 6.02x | 5.54x | 5.47x | 4.86x |
| Days Inventory Outstanding (DIO) | 70.9 | 68.1 | 64.9 | 61.4 | 60.6 | 65.9 | 66.7 | 75.0 |
| Receivables Turnover | 23.59x | 18.80x | 29.55x | 38.80x | 30.34x | 30.84x | 34.16x | 27.72x |
| Days Sales Outstanding (DSO) | 15.5 | 19.4 | 12.4 | 9.4 | 12.0 | 11.8 | 10.7 | 13.2 |
| Payables Turnover | 4.14x | 3.55x | 4.53x | 4.66x | 4.73x | 4.29x | 4.54x | 4.77x |
| Days Payable Outstanding (DPO) | 88.3 | 103.0 | 80.6 | 78.4 | 77.2 | 85.0 | 80.5 | 76.5 |
| Cash Conversion Cycle | -1.9 days | -15.5 days | -3.3 days | -7.6 days | -4.6 days | -7.3 days | -3.1 days | 11.7 days |
| Asset Turnover | 1.73x | 1.82x | 1.52x | 1.58x | 1.81x | 1.88x | 1.91x | 1.78x |
| Cash flow & dividends | ||||||||
| Operating Cash Flow | 10,802 | 22,145 | 29,189 | 45,144 | 53,114 | 101,669 | 111,714 | 65,335 |
| Free Cash Flow (OCF − Capex proxy) | 10,802 | -18,388 | 4,854 | 22,213 | 26,752 | 42,764 | 9,184 | -29,495 |
| Cash Conversion (OCF / EBITDA) | 18.0% | 68.0% | 51.7% | 69.2% | 63.2% | 87.0% | 79.6% | 50.3% |
| Dividends Declared | 8,299 | 5,909 | 5,749 | 6,159 | 5,988 | 7,021 | 12,063 | 14,609 |
| Dividend Payout Ratio | 168.4% | 84.6% | N/A | N/A | 19.4% | 10.2% | 19.3% | 43.6% |
Money rows — EBITDAR, net debt, cash, total debt, operating and free cash flow, dividends declared — are in GEL, thousands. Margins, returns and payout are percentages; turnover and leverage are multiples; DIO/DSO/DPO are days. Hover a metric name for its definition.
Shareholders, directors and group links from the companyinfo.ge public register — as filed, so stakes need not sum to 100% where a holding is undisclosed.
Ownership & directors from companyinfo.ge (public corporate registry).
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