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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 2,839 · FY2024 8,947 — 3-yr total 11,786
JSC Nikora Trade is the retail arm of the Nikora Group — Georgia's leading organised food retailer. Operates 307+ supermarket branches with 10,000+ SKUs and ~4,500 employees, selling Nikora Group own-label meat, dairy and bakery products alongside a wide third-party assortment.
nikoraholding.gescoperatings.com
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross Margin | 24.8% | 25.5% | 23.8% | 24.8% | 26.2% | 25.6% | 25.4% | 25.3% |
| EBITDA Margin | 13.6% | 4.4% | 8.6% | 10.2% | 10.3% | 9.7% | 8.5% | 7.2% |
| EBITDAR | 51,388 | 35,181 | 38,359 | 53,856 | 69,286 | 94,352 | 109,798 | 105,789 |
| EBITDAR Margin | 19.2% | 10.2% | 8.7% | 10.3% | 10.7% | 10.5% | 9.4% | 8.1% |
| EBIT Margin | 11.4% | 1.7% | 1.6% | 3.4% | 4.8% | 5.0% | 4.1% | 2.6% |
| Net Profit Margin | 1.3% | -0.3% | -3.5% | -2.7% | 3.1% | 5.0% | 2.9% | 0.9% |
| Operating Expense % of Sales | 11.2% | 21.1% | 15.4% | 15.1% | 16.0% | 16.0% | 17.0% | 18.3% |
| Returns | ||||||||
| Return on Assets (ROA) | 3.5% | -0.9% | -6.3% | -5.4% | 6.9% | 11.6% | 7.1% | 2.0% |
| Return on Equity (ROE) | 21.2% | -9.2% | -125.4% | N/A | 102.6% | 68.2% | 35.1% | 11.1% |
| ROIC [EBIT / Invested Capital] | 68.8% | 10.1% | 4.1% | 10.1% | 18.4% | 23.5% | 17.7% | 10.5% |
| Leverage & debt balances | ||||||||
| Debt-to-Assets | 38.5% | 39.3% | 66.2% | 69.1% | 57.6% | 42.4% | 39.4% | 41.8% |
| Debt-to-Equity | 2.36x | 3.94x | 13.28x | -354.17x | 8.55x | 2.49x | 1.94x | 2.26x |
| Debt-to-EBITDA | 1.05x | 3.19x | 4.29x | 3.40x | 2.51x | 1.87x | 1.92x | 2.48x |
| Equity-to-Assets | 16.3% | 10.0% | 5.0% | -0.2% | 6.7% | 17.0% | 20.3% | 18.5% |
| Net Debt | 28,105 | 46,109 | 158,482 | 176,773 | 149,741 | 126,775 | 171,947 | 214,448 |
| Cash & Equivalents | 10,176 | 2,692 | 3,238 | 3,856 | 18,651 | 35,474 | 17,633 | 17,424 |
| Total Debt | 38,281 | 48,801 | 161,720 | 180,629 | 168,392 | 162,249 | 189,580 | 231,872 |
| Liquidity & working capital | ||||||||
| Current Ratio | 0.70x | 0.52x | 0.49x | 0.41x | 0.60x | 0.77x | 0.68x | 0.79x |
| Quick Ratio | 0.33x | 0.11x | 0.07x | 0.05x | 0.15x | 0.23x | 0.18x | 0.10x |
| Cash Ratio | 0.18x | 0.04x | 0.03x | 0.03x | 0.13x | 0.19x | 0.07x | 0.07x |
| Total Current Assets | 39,425 | 38,209 | 47,880 | 55,875 | 87,131 | 141,056 | 180,052 | 203,767 |
| Total Current Liabilities | 55,996 | 73,252 | 97,848 | 135,705 | 145,607 | 183,982 | 263,790 | 259,512 |
| Inventory | 20,813 | 30,124 | 40,765 | 48,815 | 65,124 | 99,183 | 131,902 | 177,953 |
| Trade Receivables | 8,260 | 5,393 | 3,877 | 3,204 | 3,356 | 6,094 | 7,415 | 8,276 |
| Trade Payables | 44,848 | 62,870 | 70,512 | 81,421 | 104,351 | 155,122 | 194,176 | 219,706 |
| Net Working Capital | -16,571 | -35,043 | -49,968 | -79,830 | -58,476 | -42,926 | -83,738 | -55,745 |
| Net Working Capital % of Revenue | -6.2% | -10.2% | -11.4% | -15.3% | -9.0% | -4.8% | -7.2% | -4.3% |
| Trade Working Capital | -15,775 | -27,353 | -25,870 | -29,402 | -35,871 | -49,845 | -54,859 | -33,477 |
| Trade Working Capital % of Revenue | -5.9% | -7.9% | -5.9% | -5.6% | -5.5% | -5.6% | -4.7% | -2.6% |
| Change in Trade Working Capital | N/A | -11,578 | 1,483 | -3,532 | -6,469 | -13,974 | -5,014 | 21,382 |
| Turnover & efficiency | ||||||||
| Inventory Turnover | 9.70x | 8.53x | 8.23x | 8.04x | 7.37x | 6.71x | 6.61x | 5.47x |
| Days Inventory Outstanding (DIO) | 37.6 | 42.8 | 44.4 | 45.4 | 49.5 | 54.4 | 55.2 | 66.7 |
| Receivables Turnover | 32.48x | 63.96x | 113.44x | 162.93x | 193.85x | 146.87x | 157.69x | 157.60x |
| Days Sales Outstanding (DSO) | 11.2 | 5.7 | 3.2 | 2.2 | 1.9 | 2.5 | 2.3 | 2.3 |
| Payables Turnover | 4.50x | 4.09x | 4.76x | 4.82x | 4.60x | 4.29x | 4.49x | 4.43x |
| Days Payable Outstanding (DPO) | 81.1 | 89.3 | 76.8 | 75.7 | 79.3 | 85.1 | 81.2 | 82.4 |
| Cash Conversion Cycle | -32.2 days | -40.8 days | -29.2 days | -28.1 days | -27.9 days | -28.2 days | -23.7 days | -13.3 days |
| Asset Turnover | 2.70x | 2.78x | 1.80x | 2.00x | 2.22x | 2.34x | 2.43x | 2.35x |
| Cash flow & dividends | ||||||||
| Operating Cash Flow | 10,606 | 15,303 | 27,292 | 36,533 | 56,245 | 88,227 | 88,262 | 53,220 |
| Free Cash Flow (OCF − Capex proxy) | 10,606 | -20,067 | 5,439 | 21,393 | 34,531 | 51,844 | 11,948 | 16,313 |
| Cash Conversion (OCF / EBITDA) | 29.1% | 99.9% | 72.4% | 68.8% | 83.8% | 101.5% | 89.3% | 57.0% |
| Dividends Declared | 0 | 0 | 0 | 0 | 0 | 0 | 2,839 | 8,947 |
| Dividend Payout Ratio | 0.0% | N/A | N/A | N/A | 0.0% | 0.0% | 8.3% | 78.9% |
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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