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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2022 60,169 · FY2023 0 · FY2024 0 — 3-yr total 60,169
Georgian Oil and Gas Corporation (GOGC) is the 100% state-owned National Oil Company, managed by the Ministry of Economy. Three core lines: natural-gas transit (operator of the South Caucasus Pipeline and the North-South Main Gas Pipeline), oil & gas exploration / production on PSA acreage, and power generation via the Gardabani I and II thermal plants.
Group parent — controls 5 companies · ownership
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross Margin | 41.5% | 42.8% | 29.5% | 25.2% | 17.6% | 9.5% | 14.4% | 20.3% |
| EBITDA Margin | 39.9% | 35.0% | 22.9% | 20.7% | 12.6% | 4.5% | 9.3% | 15.0% |
| EBITDAR | 267,662 | 224,852 | 200,217 | 206,718 | 140,018 | 61,264 | 130,707 | 247,560 |
| EBITDAR Margin | 39.9% | 35.0% | 22.9% | 20.7% | 12.6% | 4.5% | 9.3% | 15.0% |
| EBIT Margin | 34.3% | 29.1% | 18.2% | 14.8% | 5.8% | -0.1% | 4.8% | 11.1% |
| Net Profit Margin | 32.8% | 24.5% | 13.8% | 0.3% | 12.3% | 8.1% | 3.6% | 11.1% |
| Operating Expense % of Sales | 1.7% | 7.8% | 6.5% | 4.5% | 5.0% | 4.9% | 5.1% | 5.3% |
| Returns | ||||||||
| Return on Assets (ROA) | 13.3% | 9.3% | 6.4% | 0.2% | 7.2% | 4.8% | 2.5% | 8.4% |
| Return on Equity (ROE) | 24.2% | 16.0% | 11.4% | 0.4% | 13.2% | 10.1% | 4.4% | 13.9% |
| ROIC [EBIT / Invested Capital] | 20.4% | 14.3% | 9.7% | 8.9% | 3.8% | -0.1% | 4.5% | 11.9% |
| Leverage & debt balances | ||||||||
| Debt-to-Assets | 43.1% | 39.8% | 38.4% | 44.9% | 37.4% | 37.7% | 36.3% | 26.1% |
| Debt-to-Equity | 0.78x | 0.68x | 0.69x | 0.91x | 0.68x | 0.79x | 0.65x | 0.43x |
| Debt-to-EBITDA | 2.67x | 2.99x | 3.61x | 4.01x | 5.08x | 13.94x | 5.66x | 2.31x |
| Equity-to-Assets | 55.0% | 58.3% | 55.9% | 49.2% | 55.0% | 47.6% | 55.7% | 60.3% |
| Net Debt | 216,940 | 323,025 | 586,209 | 754,118 | 654,723 | 468,155 | 362,989 | 223,448 |
| Cash & Equivalents | 498,960 | 348,595 | 135,815 | 74,034 | 56,280 | 386,170 | 376,975 | 348,233 |
| Total Debt | 715,900 | 671,620 | 722,024 | 828,152 | 711,003 | 854,325 | 739,964 | 571,681 |
| Liquidity & working capital | ||||||||
| Current Ratio | 7.32x | 11.66x | 4.06x | 0.47x | 0.63x | 0.87x | 1.01x | 1.09x |
| Quick Ratio | 7.21x | 11.48x | 4.03x | 0.46x | 0.61x | 0.85x | 0.98x | 1.05x |
| Cash Ratio | 4.62x | 7.49x | 1.13x | 0.08x | 0.07x | 0.34x | 0.48x | 0.40x |
| Total Current Assets | 789,893 | 542,806 | 490,083 | 441,595 | 538,105 | 978,207 | 787,912 | 944,064 |
| Total Current Liabilities | 107,886 | 46,540 | 120,698 | 936,933 | 855,656 | 1,127,881 | 777,660 | 867,172 |
| Inventory | 12,412 | 8,753 | 4,253 | 14,477 | 17,900 | 23,261 | 25,696 | 34,322 |
| Trade Receivables | 168,195 | 146,339 | 297,346 | 266,604 | 372,929 | 441,802 | 248,681 | 401,319 |
| Trade Payables | 29,254 | 30,989 | 95,182 | 106,171 | 134,478 | 311,869 | 157,037 | 277,971 |
| Net Working Capital | 682,007 | 496,266 | 369,385 | -495,338 | -317,551 | -149,674 | 10,252 | 76,892 |
| Net Working Capital % of Revenue | 101.6% | 77.2% | 42.3% | -49.7% | -28.5% | -11.1% | 0.7% | 4.7% |
| Trade Working Capital | 151,353 | 124,103 | 206,417 | 174,910 | 256,351 | 153,194 | 117,340 | 157,670 |
| Trade Working Capital % of Revenue | 22.5% | 19.3% | 23.6% | 17.5% | 23.0% | 11.3% | 8.4% | 9.6% |
| Change in Trade Working Capital | N/A | -27,250 | 82,314 | -31,507 | 81,441 | -103,157 | -35,854 | 40,330 |
| Turnover & efficiency | ||||||||
| Inventory Turnover | 31.63x | 41.98x | 144.94x | 51.53x | 51.34x | 52.68x | 46.78x | 38.26x |
| Days Inventory Outstanding (DIO) | 11.5 | 8.7 | 2.5 | 7.1 | 7.1 | 6.9 | 7.8 | 9.5 |
| Receivables Turnover | 3.99x | 4.39x | 2.94x | 3.74x | 2.99x | 3.06x | 5.65x | 4.11x |
| Days Sales Outstanding (DSO) | 91.4 | 83.1 | 124.2 | 97.6 | 122.1 | 119.1 | 64.6 | 88.8 |
| Payables Turnover | 13.42x | 11.86x | 6.48x | 7.03x | 6.83x | 3.93x | 7.65x | 4.72x |
| Days Payable Outstanding (DPO) | 27.2 | 30.8 | 56.4 | 51.9 | 53.4 | 92.9 | 47.7 | 77.3 |
| Cash Conversion Cycle | 75.8 days | 61.0 days | 70.4 days | 52.7 days | 75.8 days | 33.2 days | 24.7 days | 21.1 days |
| Asset Turnover | 0.40x | 0.38x | 0.46x | 0.54x | 0.59x | 0.60x | 0.69x | 0.75x |
| Cash flow & dividends | ||||||||
| Operating Cash Flow | 231,900 | 218,305 | 53,265 | 44,870 | -1,701 | 115,977 | 166,380 | 191,546 |
| Free Cash Flow (OCF − Capex proxy) | 231,900 | -3,497 | -147,382 | -17,609 | -35,385 | 107,862 | 139,079 | 151,571 |
| Cash Conversion (OCF / EBITDA) | 86.6% | 97.1% | 26.6% | 21.7% | -1.2% | 189.3% | 127.3% | 77.4% |
| Dividends Declared | 27,313 | 77,142 | 57,451 | 42,482 | 0 | 60,169 | 0 | 0 |
| Dividend Payout Ratio | 12.4% | 49.0% | 47.8% | 1328.8% | 0.0% | 55.1% | 0.0% | 0.0% |
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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