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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2022 0 · FY2023 0 · FY2024 179,000 — 3-yr total 179,000
SOCAR Georgia Gas LLC is the natural-gas distribution arm of SOCAR Energy Georgia (Azerbaijan's state oil company). Operates 31,200km of low- and medium-pressure pipelines and supplies ~944K residential and commercial customers across most of Georgia outside Tbilisi.
Subsidiary of SOCAR Energy Georgia (100.0%)
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross Margin | 19.5% | 20.6% | 18.1% | 21.1% | 24.3% | 24.5% | 29.4% | 30.6% |
| EBITDA Margin | 11.0% | 6.4% | 6.8% | 8.2% | 8.2% | 11.5% | 13.8% | 14.7% |
| EBITDAR | 95,529 | 57,448 | 76,465 | 93,650 | 98,939 | 183,586 | 202,295 | 208,451 |
| EBITDAR Margin | 11.0% | 6.4% | 6.8% | 8.2% | 8.2% | 11.5% | 13.8% | 14.7% |
| EBIT Margin | 9.0% | 4.3% | 4.6% | 5.9% | 5.9% | 9.8% | 11.9% | 12.3% |
| Net Profit Margin | 6.0% | 0.1% | -2.0% | -5.8% | 1.4% | 5.3% | 9.0% | 5.7% |
| Operating Expense % of Sales | 8.5% | 14.2% | 11.4% | 12.9% | 16.1% | 13.0% | 15.6% | 15.9% |
| Returns | ||||||||
| Return on Assets (ROA) | 5.8% | 0.1% | -2.3% | -5.8% | 1.5% | 6.9% | 10.5% | 5.9% |
| Return on Equity (ROE) | 30.5% | 0.5% | -15.4% | -83.1% | 17.3% | 46.6% | 42.1% | 37.9% |
| ROIC [EBIT / Invested Capital] | 17.5% | 7.1% | 10.9% | 17.0% | 14.9% | 27.4% | 23.4% | 24.8% |
| Leverage & debt balances | ||||||||
| Debt-to-Assets | 31.4% | 41.5% | 34.2% | 34.7% | 35.1% | 34.0% | 35.0% | 36.4% |
| Debt-to-Equity | 1.64x | 2.26x | 2.31x | 4.98x | 4.17x | 2.29x | 1.41x | 2.34x |
| Debt-to-EBITDA | 2.93x | 6.63x | 4.40x | 4.23x | 4.06x | 2.25x | 2.17x | 2.40x |
| Equity-to-Assets | 19.2% | 18.3% | 14.8% | 7.0% | 8.4% | 14.9% | 24.8% | 15.5% |
| Net Debt | 274,672 | 378,558 | 331,553 | 317,585 | 385,236 | 389,516 | 429,971 | 490,875 |
| Cash & Equivalents | 4,889 | 2,235 | 4,903 | 78,984 | 16,938 | 23,834 | 8,148 | 8,494 |
| Total Debt | 279,561 | 380,793 | 336,456 | 396,569 | 402,174 | 413,350 | 438,119 | 499,369 |
| Liquidity & working capital | ||||||||
| Current Ratio | 0.65x | 0.51x | 0.45x | 0.43x | 0.31x | 0.38x | 0.32x | 0.34x |
| Quick Ratio | 0.64x | 0.50x | 0.44x | 0.42x | 0.31x | 0.38x | 0.32x | 0.34x |
| Cash Ratio | 0.01x | 0.00x | 0.01x | 0.09x | 0.02x | 0.03x | 0.01x | 0.01x |
| Total Current Assets | 380,006 | 272,145 | 321,843 | 372,624 | 274,979 | 341,447 | 237,453 | 330,991 |
| Total Current Liabilities | 587,862 | 536,287 | 717,190 | 870,191 | 883,477 | 894,213 | 741,283 | 969,246 |
| Inventory | 4,787 | 3,930 | 4,934 | 3,043 | 2,649 | 2,941 | 2,700 | 2,761 |
| Trade Receivables | 287,313 | 261,108 | 260,228 | 265,958 | 255,067 | 314,101 | 220,758 | 296,522 |
| Trade Payables | 273,315 | 259,140 | 393,941 | 475,423 | 458,145 | 448,509 | 233,739 | 383,781 |
| Net Working Capital | -207,856 | -264,142 | -395,347 | -497,567 | -608,498 | -552,766 | -503,830 | -638,255 |
| Net Working Capital % of Revenue | -23.9% | -29.5% | -35.0% | -43.5% | -50.3% | -34.7% | -34.5% | -44.9% |
| Trade Working Capital | 18,785 | 5,898 | -128,779 | -206,422 | -200,429 | -131,467 | -10,281 | -84,498 |
| Trade Working Capital % of Revenue | 2.2% | 0.7% | -11.4% | -18.1% | -16.6% | -8.2% | -0.7% | -5.9% |
| Change in Trade Working Capital | N/A | -12,887 | -134,677 | -77,643 | 5,993 | 68,962 | 121,186 | -74,217 |
| Turnover & efficiency | ||||||||
| Inventory Turnover | 146.02x | 181.09x | 187.52x | 296.63x | 346.16x | 409.27x | 382.12x | 357.64x |
| Days Inventory Outstanding (DIO) | 2.5 | 2.0 | 1.9 | 1.2 | 1.1 | 0.9 | 1.0 | 1.0 |
| Receivables Turnover | 3.02x | 3.43x | 4.34x | 4.30x | 4.75x | 5.08x | 6.62x | 4.80x |
| Days Sales Outstanding (DSO) | 120.7 | 106.4 | 84.0 | 84.9 | 76.9 | 71.9 | 55.1 | 76.1 |
| Payables Turnover | 2.56x | 2.75x | 2.35x | 1.90x | 2.00x | 2.68x | 4.41x | 2.57x |
| Days Payable Outstanding (DPO) | 142.7 | 132.9 | 155.4 | 192.2 | 182.4 | 136.0 | 82.7 | 141.9 |
| Cash Conversion Cycle | -19.5 days | -24.5 days | -69.4 days | -106.1 days | -104.4 days | -63.2 days | -26.6 days | -64.8 days |
| Asset Turnover | 0.97x | 0.98x | 1.15x | 1.00x | 1.06x | 1.31x | 1.17x | 1.04x |
| Cash flow & dividends | ||||||||
| Operating Cash Flow | -25,517 | 68,657 | 172,195 | 152,874 | 96,485 | 153,965 | 108,034 | 276,208 |
| Free Cash Flow (OCF − Capex proxy) | -25,517 | -51,082 | 99,684 | 67,304 | -24,037 | 40,561 | 13,926 | 182,754 |
| Cash Conversion (OCF / EBITDA) | -26.7% | 119.5% | 225.2% | 163.2% | 97.5% | 83.9% | 53.4% | 132.5% |
| Dividends Declared | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 179,000 |
| Dividend Payout Ratio | 0.0% | 0.0% | N/A | N/A | 0.0% | 0.0% | 0.0% | 221.5% |
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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