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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 1,442 · FY2024 2,137 — 3-yr total 3,579
Operates in Industrial Goods — Distribution - HVAC. Per the activity note to the FY2024 annual report, the company carries out wholesale trade in iron and non-ferrous materials for plumbing, gas and heating equipment.
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross Margin | 47.6% | 42.9% | 41.6% | 42.5% | 41.0% | 39.6% | 44.3% | 43.0% |
| EBITDA Margin | 43.0% | 37.7% | 37.3% | 41.4% | 40.7% | 36.4% | 41.1% | 38.5% |
| EBITDAR | 2,828 | 2,750 | 3,406 | 5,084 | 5,702 | 6,914 | 8,536 | 9,194 |
| EBITDAR Margin | 44.1% | 38.8% | 38.9% | 42.9% | 42.2% | 37.5% | 42.2% | 39.5% |
| EBIT Margin | 42.6% | 37.4% | 37.1% | 41.2% | 40.5% | 36.2% | 41.0% | 38.7% |
| Net Profit Margin | 43.0% | 37.7% | 37.4% | 41.4% | 34.5% | 30.7% | 38.5% | 37.2% |
| Operating Expense % of Sales | 4.7% | 5.2% | 4.3% | 1.1% | 0.3% | 3.3% | 3.2% | 4.4% |
| Returns | ||||||||
| Return on Assets (ROA) | 48.7% | 35.4% | 32.5% | 34.0% | 26.6% | 27.7% | 30.0% | 26.3% |
| Return on Equity (ROE) | 52.2% | 37.3% | 33.6% | 35.3% | 27.3% | 30.0% | 30.9% | 27.3% |
| ROIC [EBIT / Invested Capital] | 69.2% | 56.1% | 52.9% | 62.1% | 53.2% | 71.2% | 98.7% | 65.7% |
| Leverage & debt balances | ||||||||
| Debt-to-Assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 1.2% |
| Debt-to-Equity | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.01x |
| Debt-to-EBITDA | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.04x |
| Equity-to-Assets | 93.3% | 94.8% | 96.6% | 96.4% | 97.6% | 92.5% | 96.9% | 96.3% |
| Net Debt | -1,330 | -2,437 | -3,598 | -6,060 | -6,820 | -9,468 | -16,785 | -17,991 |
| Cash & Equivalents | 1,330 | 2,437 | 3,598 | 6,060 | 6,820 | 9,468 | 16,785 | 18,382 |
| Total Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 391 |
| Liquidity & working capital | ||||||||
| Current Ratio | 7.70x | 19.09x | 29.19x | 29.50x | 40.14x | 24.73x | 43.91x | 32.84x |
| Quick Ratio | 7.70x | 19.09x | 17.13x | 19.34x | 40.14x | 16.60x | 34.14x | 24.49x |
| Cash Ratio | 3.71x | 6.15x | 10.41x | 12.40x | 16.23x | 11.47x | 28.70x | 20.11x |
| Total Current Assets | 2,761 | 7,567 | 10,086 | 14,421 | 16,873 | 20,407 | 25,678 | 30,015 |
| Total Current Liabilities | 359 | 396 | 345 | 489 | 420 | 825 | 585 | 914 |
| Inventory | N/A | N/A | 4,168 | 4,965 | N/A | 6,711 | 5,712 | 7,631 |
| Trade Receivables | 1,326 | 1,720 | 2,001 | 2,917 | 3,547 | 2,761 | 1,747 | 1,905 |
| Trade Payables | 359 | 320 | 239 | 373 | 415 | 1,532 | 814 | 828 |
| Net Working Capital | 2,403 | 7,171 | 9,740 | 13,932 | 16,453 | 19,581 | 25,093 | 29,101 |
| Net Working Capital % of Revenue | 37.5% | 101.1% | 111.2% | 117.5% | 121.9% | 106.3% | 124.1% | 125.0% |
| Trade Working Capital | 967 | 1,400 | 5,929 | 7,508 | 3,132 | 7,941 | 6,646 | 8,708 |
| Trade Working Capital % of Revenue | 15.1% | 19.7% | 67.7% | 63.3% | 23.2% | 43.1% | 32.9% | 37.4% |
| Change in Trade Working Capital | N/A | 433 | 4,529 | 1,579 | -4,376 | 4,808 | -1,295 | 2,062 |
| Turnover & efficiency | ||||||||
| Inventory Turnover | N/A | N/A | 1.23x | 1.37x | N/A | 1.66x | 1.97x | 1.74x |
| Days Inventory Outstanding (DIO) | N/A | N/A | 297.5 | 265.9 | N/A | 220.3 | 185.2 | 209.8 |
| Receivables Turnover | 4.84x | 4.12x | 4.38x | 4.07x | 3.81x | 6.67x | 11.57x | 12.22x |
| Days Sales Outstanding (DSO) | 75.5 | 88.5 | 83.3 | 89.7 | 95.9 | 54.7 | 31.5 | 29.9 |
| Payables Turnover | 9.36x | 12.66x | 21.37x | 18.27x | 19.20x | 7.26x | 13.83x | 16.03x |
| Days Payable Outstanding (DPO) | 39.0 | 28.8 | 17.1 | 20.0 | 19.0 | 50.3 | 26.4 | 22.8 |
| Cash Conversion Cycle | 36.5 days | 59.7 days | 363.7 days | 335.7 days | 76.9 days | 224.8 days | 190.4 days | 216.9 days |
| Asset Turnover | 1.13x | 0.94x | 0.87x | 0.82x | 0.77x | 0.90x | 0.78x | 0.71x |
| Cash flow & dividends | ||||||||
| Operating Cash Flow | 740 | 1,106 | 10,295 | 13,578 | 41,737 | 46,560 | 9,155 | 6,787 |
| Free Cash Flow (OCF − Capex proxy) | 740 | 1,106 | 10,295 | 13,578 | 41,737 | 46,560 | 8,711 | 3,221 |
| Cash Conversion (OCF / EBITDA) | 26.9% | 41.3% | 314.6% | 276.4% | 760.3% | 695.3% | 110.1% | 75.6% |
| Dividends Declared | N/A | N/A | N/A | N/A | N/A | 0 | 1,442 | 2,137 |
| Dividend Payout Ratio | N/A | N/A | N/A | N/A | N/A | 0.0% | 18.5% | 24.7% |
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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