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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 0
JSC Georgian Real Estate (m2) was Georgia's largest residential developer — originally spun off from Bank of Georgia and later a Georgia Capital PLC (LSE: CGEO) portfolio company. It develops mass-market and mid-tier apartment projects across Tbilisi and other cities and has issued USD bonds on the GSE. In 2026 Georgia Capital agreed to dispose of its housing-development (m2) business to local investors.
Group parent — controls 2 companies · ownership
| Line item | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | CAGR |
|---|---|---|---|---|---|---|---|---|---|
| 87,966 | 110,518 | 88,858 | 82,563 | 72,175 | 117,069 | 206,397 | 182,929 | +11.0% | |
| 259,466 | 381,649 | 559,638 | 611,182 | 465,891 | 363,846 | 160,804 | 148,472 | -7.7% | |
| TOTAL ASSETS | 347,432 | 492,167 | 648,496 | 693,745 | 538,066 | 480,915 | 367,201 | 331,401 | -0.7% |
| 74,812 | 110,444 | 140,295 | 238,488 | 205,263 | 102,836 | 250,795 | 165,578 | +12.0% | |
| 111,907 | 168,731 | 278,401 | 381,484 | 294,792 | 308,055 | 89,830 | 162,914 | +5.5% | |
| TOTAL LIABILITIES | 186,719 | 279,175 | 418,696 | 619,972 | 500,055 | 410,891 | 340,625 | 328,492 | +8.4% |
| 160,713 | 212,992 | 229,800 | 73,773 | 38,011 | 70,024 | 26,576 | 2,909 | -43.6% | |
| Balance Check (Assets - L&E) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Debt analysis | |||||||||
| Total Debt | 124,114 | 237,932 | 372,841 | 452,508 | 319,615 | 210,141 | 148,955 | 156,748 | +3.4% |
| Cash & Equivalents | 34,751 | 34,573 | 31,348 | 19 | 23 | 22,546 | 10 | 21,413 | -6.7% |
| Net Debt | 89,363 | 203,359 | 341,493 | 452,489 | 319,592 | 187,595 | 148,945 | 135,335 | +6.1% |
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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