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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2022 6,974 · FY2023 5,924 · FY2024 5,949 — 3-yr total 18,847
Industrial chemicals supplier operating in Georgia.
Subsidiary of GMN Company (100.0%)
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross Margin | 28.7% | 30.5% | 29.9% | 38.9% | 33.8% | 32.8% | 34.5% | 34.2% |
| EBITDA Margin | 15.1% | 16.5% | 15.1% | 24.7% | 18.9% | 19.6% | 20.9% | 22.0% |
| EBITDAR | 2,056 | 3,542 | 4,293 | 8,982 | 7,855 | 9,825 | 8,242 | 9,578 |
| EBITDAR Margin | 15.1% | 16.5% | 15.2% | 24.8% | 19.0% | 19.7% | 21.1% | 22.1% |
| EBIT Margin | 14.9% | 16.3% | 15.0% | 24.6% | 18.7% | 19.5% | 20.9% | 22.0% |
| Net Profit Margin | 7.8% | 14.8% | 13.7% | 23.1% | 16.6% | 14.2% | 15.4% | 16.1% |
| Operating Expense % of Sales | 13.5% | 14.1% | 14.8% | 14.2% | 14.9% | 13.2% | 13.5% | 12.1% |
| Returns | ||||||||
| Return on Assets (ROA) | 9.7% | 36.9% | 26.2% | 34.3% | 25.1% | 26.2% | 22.1% | 19.8% |
| Return on Equity (ROE) | 31.7% | 96.5% | 99.4% | 102.7% | 94.7% | 96.2% | 80.5% | 82.0% |
| ROIC [EBIT / Invested Capital] | 44.4% | 46.7% | 46.9% | 84.0% | 43.3% | 56.5% | 45.6% | 36.7% |
| Leverage & debt balances | ||||||||
| Debt-to-Assets | 55.6% | 55.7% | 66.4% | 62.1% | 64.7% | 56.3% | 53.1% | 59.6% |
| Debt-to-Equity | 1.81x | 1.45x | 2.52x | 1.86x | 2.44x | 2.07x | 1.93x | 2.46x |
| Debt-to-EBITDA | 2.92x | 1.36x | 2.31x | 1.70x | 2.27x | 1.56x | 1.77x | 2.20x |
| Equity-to-Assets | 30.7% | 38.3% | 26.3% | 33.4% | 26.5% | 27.2% | 27.5% | 24.2% |
| Net Debt | 1,237 | 4,198 | 5,120 | 2,430 | 10,638 | 9,907 | 10,422 | 17,387 |
| Cash & Equivalents | 4,769 | 589 | 4,726 | 12,757 | 7,092 | 5,381 | 4,060 | 3,588 |
| Total Debt | 6,006 | 4,788 | 9,846 | 15,187 | 17,730 | 15,289 | 14,482 | 20,975 |
| Liquidity & working capital | ||||||||
| Current Ratio | 1.19x | 1.16x | 1.11x | 4.27x | 2.92x | 3.06x | 1.47x | 0.97x |
| Quick Ratio | 1.00x | 0.75x | 0.65x | 3.27x | 2.01x | 1.83x | 1.01x | 0.35x |
| Cash Ratio | 0.78x | 0.13x | 0.46x | 2.69x | 1.00x | 1.00x | 0.45x | 0.17x |
| Total Current Assets | 7,330 | 5,172 | 11,305 | 20,214 | 20,626 | 16,529 | 13,135 | 20,168 |
| Total Current Liabilities | 6,146 | 4,467 | 10,174 | 4,737 | 7,064 | 5,396 | 8,929 | 20,775 |
| Inventory | 1,166 | 1,800 | 4,687 | 4,709 | 6,459 | 6,668 | 4,072 | 12,814 |
| Trade Receivables | 685 | 1,453 | 1,371 | 2,201 | 3,869 | 2,559 | 4,062 | 3,142 |
| Trade Payables | 1,420 | 500 | 577 | 529 | 667 | 713 | 592 | 1,608 |
| Net Working Capital | 1,184 | 705 | 1,131 | 15,477 | 13,562 | 11,133 | 4,206 | -608 |
| Net Working Capital % of Revenue | 8.7% | 3.3% | 4.0% | 42.8% | 32.8% | 22.3% | 10.8% | -1.4% |
| Trade Working Capital | 431 | 2,753 | 5,482 | 6,381 | 9,661 | 8,515 | 7,542 | 14,347 |
| Trade Working Capital % of Revenue | 3.2% | 12.9% | 19.4% | 17.6% | 23.4% | 17.0% | 19.3% | 33.2% |
| Change in Trade Working Capital | N/A | 2,322 | 2,729 | 899 | 3,280 | -1,146 | -973 | 6,806 |
| Turnover & efficiency | ||||||||
| Inventory Turnover | 8.30x | 8.26x | 4.23x | 4.70x | 4.24x | 5.04x | 6.29x | 2.22x |
| Days Inventory Outstanding (DIO) | 44.0 | 44.2 | 86.3 | 77.7 | 86.2 | 72.4 | 58.0 | 164.2 |
| Receivables Turnover | 19.81x | 14.74x | 20.61x | 16.45x | 10.68x | 19.54x | 9.63x | 13.77x |
| Days Sales Outstanding (DSO) | 18.4 | 24.8 | 17.7 | 22.2 | 34.2 | 18.7 | 37.9 | 26.5 |
| Payables Turnover | 6.82x | 29.73x | 34.38x | 41.79x | 41.03x | 47.15x | 43.28x | 17.72x |
| Days Payable Outstanding (DPO) | 53.5 | 12.3 | 10.6 | 8.7 | 8.9 | 7.7 | 8.4 | 20.6 |
| Cash Conversion Cycle | 8.8 days | 56.7 days | 93.4 days | 91.2 days | 111.4 days | 83.4 days | 87.5 days | 170.1 days |
| Asset Turnover | 1.26x | 2.49x | 1.91x | 1.48x | 1.51x | 1.84x | 1.43x | 1.23x |
| Cash flow & dividends | ||||||||
| Operating Cash Flow | 1,265 | 487 | 3,178 | 8,250 | 49 | 11,304 | 9,027 | 3,775 |
| Free Cash Flow (OCF − Capex proxy) | 1,265 | 403 | 2,883 | 7,632 | -618 | 8,702 | 6,593 | 1,534 |
| Cash Conversion (OCF / EBITDA) | 61.5% | 13.8% | 74.4% | 92.3% | 0.6% | 115.6% | 110.3% | 39.6% |
| Dividends Declared | 682 | 2,927 | 3,267 | 4,126 | 7,024 | 6,974 | 5,924 | 5,949 |
| Dividend Payout Ratio | 64.7% | 92.2% | 84.2% | 49.3% | 102.2% | 98.0% | 98.2% | 85.2% |
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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