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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2022 46,807 · FY2023 57,388 · FY2024 55,826 — 3-yr total 160,022
Ori Nabiji ("Two Steps") is one of the largest grocery supermarket chains in Georgia, founded in 2010, pioneering the neighborhood store format. It operates 400+ stores across Tbilisi, Batumi, Kutaisi and smaller towns, employs ~4,000 people, and runs an online ordering and home-delivery platform.
2nabiji.gege.linkedin.comkompas.ge
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross Margin | 16.8% | 13.3% | 16.1% | 19.8% | 18.1% | 18.8% | 18.8% | 18.0% |
| EBITDA Margin | 8.4% | -0.5% | 6.3% | 10.1% | 8.9% | 9.9% | 9.8% | 8.6% |
| EBITDAR | 21,334 | 8,032 | 19,868 | 41,360 | 52,695 | 87,387 | 109,527 | 118,116 |
| EBITDAR Margin | 12.7% | 3.5% | 6.3% | 10.1% | 8.9% | 9.9% | 9.8% | 8.7% |
| EBIT Margin | 7.3% | -1.6% | 1.6% | 5.2% | 4.8% | 6.4% | 6.6% | 5.5% |
| Net Profit Margin | 2.3% | 1.7% | 2.6% | 1.3% | 3.4% | 6.1% | 5.1% | 3.8% |
| Operating Expense % of Sales | 8.4% | 13.8% | 9.9% | 9.7% | 9.2% | 9.1% | 9.3% | 9.5% |
| Returns | ||||||||
| Return on Assets (ROA) | 10.6% | 7.9% | 6.2% | 3.3% | 9.7% | 19.0% | 19.3% | 16.1% |
| Return on Equity (ROE) | 791.6% | 128.4% | 88.7% | 522.1% | N/A | 2184.6% | 2458.9% | N/A |
| ROIC [EBIT / Invested Capital] | 276.9% | N/A | 7.1% | 23.9% | 33.0% | 61.2% | 96.4% | 83.2% |
| Leverage & debt balances | ||||||||
| Debt-to-Assets | 25.5% | 18.2% | 52.5% | 57.3% | 49.8% | 40.9% | 35.8% | 34.8% |
| Debt-to-Equity | 18.98x | 2.94x | 7.48x | 89.83x | -22.16x | 47.05x | 45.61x | -56.73x |
| Debt-to-EBITDA | 0.67x | N/A | 3.48x | 2.27x | 2.01x | 1.34x | 0.97x | 0.95x |
| Equity-to-Assets | 1.3% | 6.2% | 7.0% | 0.6% | -2.2% | 0.9% | 0.8% | -0.6% |
| Net Debt | 3,908 | -3,600 | 62,489 | 88,701 | 90,102 | 89,767 | 73,770 | 91,066 |
| Cash & Equivalents | 5,551 | 12,881 | 6,204 | 4,906 | 15,259 | 26,613 | 32,401 | 20,077 |
| Total Debt | 9,459 | 9,281 | 68,693 | 93,607 | 105,362 | 116,379 | 106,171 | 111,143 |
| Liquidity & working capital | ||||||||
| Current Ratio | 0.71x | 0.64x | 0.51x | 0.47x | 0.47x | 0.54x | 0.55x | 0.54x |
| Quick Ratio | 0.27x | 0.35x | 0.16x | 0.12x | 0.17x | 0.20x | 0.21x | 0.19x |
| Cash Ratio | 0.19x | 0.27x | 0.10x | 0.06x | 0.12x | 0.14x | 0.15x | 0.08x |
| Total Current Assets | 20,761 | 30,680 | 33,430 | 39,575 | 61,231 | 100,681 | 115,451 | 129,742 |
| Total Current Liabilities | 29,186 | 47,708 | 65,229 | 84,975 | 129,383 | 185,000 | 209,828 | 238,179 |
| Inventory | 12,949 | 14,052 | 23,242 | 29,415 | 39,860 | 63,431 | 70,513 | 84,951 |
| Trade Receivables | 1,404 | 2,265 | 1,547 | 1,648 | 2,403 | 5,212 | 2,531 | 15,027 |
| Trade Payables | 25,323 | 33,919 | 49,037 | 64,323 | 103,844 | 160,312 | 181,763 | 203,461 |
| Net Working Capital | -8,425 | -17,028 | -31,799 | -45,400 | -68,152 | -84,319 | -94,377 | -108,437 |
| Net Working Capital % of Revenue | -5.0% | -7.3% | -10.1% | -11.1% | -11.5% | -9.6% | -8.5% | -8.0% |
| Trade Working Capital | -10,969 | -17,602 | -24,249 | -33,261 | -61,581 | -91,669 | -108,719 | -103,483 |
| Trade Working Capital % of Revenue | -6.5% | -7.6% | -7.7% | -8.1% | -10.4% | -10.4% | -9.7% | -7.6% |
| Change in Trade Working Capital | N/A | -6,633 | -6,647 | -9,012 | -28,320 | -30,088 | -17,050 | 5,236 |
| Turnover & efficiency | ||||||||
| Inventory Turnover | 10.81x | 14.32x | 11.33x | 11.18x | 12.18x | 11.25x | 12.86x | 13.09x |
| Days Inventory Outstanding (DIO) | 33.8 | 25.5 | 32.2 | 32.6 | 30.0 | 32.4 | 28.4 | 27.9 |
| Receivables Turnover | 119.79x | 102.47x | 202.98x | 248.74x | 246.64x | 168.58x | 441.13x | 90.21x |
| Days Sales Outstanding (DSO) | 3.0 | 3.6 | 1.8 | 1.5 | 1.5 | 2.2 | 0.8 | 4.0 |
| Payables Turnover | 5.53x | 5.93x | 5.37x | 5.11x | 4.68x | 4.45x | 4.99x | 5.47x |
| Days Payable Outstanding (DPO) | 66.0 | 61.5 | 68.0 | 71.4 | 78.1 | 82.0 | 73.2 | 66.8 |
| Cash Conversion Cycle | -29.2 days | -32.5 days | -34.0 days | -37.3 days | -46.6 days | -47.4 days | -44.0 days | -34.8 days |
| Asset Turnover | 4.53x | 4.55x | 2.40x | 2.51x | 2.80x | 3.09x | 3.76x | 4.24x |
| Cash flow & dividends | ||||||||
| Operating Cash Flow | 8,409 | 17,497 | 27,988 | 40,567 | 72,409 | 97,976 | 106,135 | 95,095 |
| Free Cash Flow (OCF − Capex proxy) | 8,409 | 10,501 | 12,133 | 24,633 | 53,316 | 76,695 | 82,867 | 66,982 |
| Cash Conversion (OCF / EBITDA) | 59.6% | N/A | 141.9% | 98.4% | 138.0% | 112.7% | 97.4% | 81.3% |
| Dividends Declared | 0 | 1,394 | 2,116 | 13,579 | 26,236 | 46,807 | 57,388 | 55,826 |
| Dividend Payout Ratio | 0.0% | 34.4% | 26.0% | 249.6% | 128.4% | 86.6% | 100.3% | 108.3% |
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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