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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 |
|---|---|---|---|---|---|---|---|---|---|
| Net Cash from Operating Activities | 11,886 | 26,498 | 9,112 | 56,824 | 8,618 | 8,047 | 37,245 | 5,756 | nmf |
| Net Cash used in Investing Activities | 0 | 91,019 | 98,329 | 54,148 | 120,505 | 1,892 | 105,690 | 27,225 | nmf |
| Free Cash Flow (OCF − Capex proxy) | 11,886 | 117,517 | 107,441 | 2,676 | 129,123 | 6,155 | 68,445 | 21,469 | +8.8% |
| Net Cash from Financing Activities | 0 | 117,720 | 102,463 | 15,204 | 121,969 | 13,079 | 77,796 | 9,826 | nmf |
| Net Change in Cash (before FX) | 11,886 | 203 | 4,978 | 12,528 | 7 | 6,924 | 9,351 | 11,643 | -0.3% |
| Effect of FX on Cash | 0 | 381 | 1,753 | 14 | 2,779 | 7,587 | 3,179 | 246 | -7.0% |
| Net Change in Cash (incl. FX) | 11,886 | 178 | 3,225 | 12,514 | 2,772 | 663 | 12,530 | 11,397 | -0.6% |
| Cash at Beginning of Year | 0 | 34,751 | 34,573 | 31,348 | 19 | 23 | 22,546 | 10 | nmf |
| Cash at End of Year | 0 | 34,573 | 31,348 | 19 | 23 | 22,546 | 10 | 21,413 | -7.7% |
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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