Ratio	2018	2019	2020	2021	2022	2023	2024
Margins
Gross Margin	38.0%	35.7%	34.1%	37.9%	39.8%	48.9%	53.3%
EBITDA Margin	13.3%	8.4%	6.8%	6.2%	5.8%	8.5%	8.2%
EBITDAR	362	255	235	256	351	556	602
EBITDAR Margin	13.7%	8.7%	7.2%	6.7%	6.9%	9.8%	9.3%
EBIT Margin	12.3%	7.2%	6.3%	5.5%	5.3%	8.0%	7.3%
Net Profit Margin	13.4%	8.3%	5.4%	9.5%	7.7%	8.1%	7.9%
Operating Expense % of Sales	24.7%	27.3%	27.3%	31.7%	34.0%	40.4%	45.1%
Returns
Return on Assets (ROA)	33.4%	20.0%	12.5%	18.0%	16.8%	16.2%	13.4%
Return on Equity (ROE)	59.4%	29.4%	19.8%	28.9%	23.6%	21.8%	20.7%
ROIC [EBIT / Invested Capital]	40.5%	24.9%	20.3%	12.5%	13.7%	19.1%	14.3%
Leverage & debt balances
Debt-to-Assets	22.3%	12.5%	15.4%	23.2%	14.3%	10.0%	25.2%
Debt-to-Equity	0.40x	0.18x	0.24x	0.37x	0.20x	0.13x	0.39x
Debt-to-EBITDA	0.67x	0.62x	0.98x	1.98x	1.12x	0.59x	1.81x
Equity-to-Assets	56.2%	67.9%	63.0%	62.3%	71.2%	74.6%	64.5%
Net Debt	203	22	128	421	316	249	864
Cash & Equivalents	34	129	91	46	13	32	97
Total Debt	237	152	218	467	329	281	962
Liquidity & working capital
Current Ratio	3.51x	4.00x	3.69x	3.47x	3.81x	3.82x	4.26x
Quick Ratio	3.51x	3.33x	3.00x	3.47x	3.81x	3.82x	4.26x
Cash Ratio	0.15x	0.54x	0.30x	0.13x	0.03x	0.06x	0.19x
Total Current Assets	799	952	1,129	1,246	1,479	1,922	2,155
Total Current Liabilities	227	238	306	359	388	503	506
Inventory	N/A	159	211	N/A	N/A	N/A	N/A
Trade Receivables	511	647	692	855	915	1,440	1,618
Trade Payables	128	172	209	237	287	221	207
Net Working Capital	571	714	823	888	1,091	1,419	1,649
Net Working Capital % of Revenue	21.7%	24.4%	25.1%	23.2%	21.5%	25.1%	25.5%
Trade Working Capital	383	634	695	618	628	1,220	1,411
Trade Working Capital % of Revenue	14.5%	21.7%	21.2%	16.2%	12.4%	21.6%	21.8%
Change in Trade Working Capital	N/A	251	61	-76	10	592	192
Turnover & efficiency
Inventory Turnover	N/A	11.83x	10.23x	N/A	N/A	N/A	N/A
Days Inventory Outstanding (DIO)	N/A	30.8	35.7	N/A	N/A	N/A	N/A
Receivables Turnover	5.16x	4.51x	4.74x	4.47x	5.54x	3.92x	4.00x
Days Sales Outstanding (DSO)	70.8	80.8	77.0	81.7	65.8	93.1	91.2
Payables Turnover	12.80x	10.92x	10.35x	10.01x	10.65x	13.08x	14.62x
Days Payable Outstanding (DPO)	28.5	33.4	35.3	36.4	34.3	27.9	25.0
Cash Conversion Cycle	42.3 days	78.3 days	77.5 days	45.3 days	31.6 days	65.2 days	66.2 days
Asset Turnover	2.49x	2.41x	2.31x	1.90x	2.20x	2.01x	1.70x
Cash flow & dividends
Operating Cash Flow	145	214	39	212	191	226	1,141
Free Cash Flow (OCF − Capex proxy)	103	180	-5	-291	105	111	315
Cash Conversion (OCF / EBITDA)	41.4%	87.7%	17.4%	90.1%	65.0%	47.2%	215.2%
Dividends Declared	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividend Payout Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Money rows — EBITDAR, net debt, cash, total debt, operating and free cash flow, dividends declared — are in ₾ '000. Margins, returns and payout are percentages; turnover and leverage are multiples; DIO/DSO/DPO are days. Hover a metric name for its definition.

Ownership & group structure

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.

companyinfo.ge · fetched 2026-07-15

Shareholders

მალხაზ კვარაცხელია67.0%
ნინა გაბუნია11.0%
თინათინ გაბუნია11.0%
ნიკოლოზ გაბუნია11.0%

მალხაზ კვარაცხელია

Key metrics

Revenue & margins

Financial statements

Ownership & group structure

Shareholders

Directors & board