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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Operates in Construction — Infrastructure & Roads. Per the activity note to the FY2024 annual report, the company constructs roads and bridges.
| Ratio | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|
| Margins | |||||||
| Gross Margin | 60.6% | 56.4% | 58.9% | 30.1% | 30.4% | 51.9% | 52.5% |
| EBITDA Margin | 12.1% | 13.7% | 14.0% | -6.0% | -11.1% | 12.8% | 14.0% |
| EBITDAR | 759 | 1,246 | 1,044 | -334 | -662 | 1,236 | 1,336 |
| EBITDAR Margin | 12.1% | 13.7% | 14.0% | -6.0% | -11.1% | 13.1% | 14.0% |
| EBIT Margin | 9.4% | 11.8% | 11.1% | -11.0% | -14.9% | 10.5% | 10.1% |
| Net Profit Margin | 8.7% | 11.7% | 10.3% | -12.0% | -15.9% | 10.0% | 10.0% |
| Operating Expense % of Sales | 48.5% | 42.7% | 44.9% | 36.2% | 41.5% | 39.1% | 38.4% |
| Returns | |||||||
| Return on Assets (ROA) | 18.4% | 21.7% | 19.2% | -16.6% | -24.5% | 23.3% | 18.3% |
| Return on Equity (ROE) | 26.5% | 40.9% | 23.7% | -31.2% | -79.6% | 44.1% | 32.2% |
| ROIC [EBIT / Invested Capital] | 27.1% | 40.1% | 27.3% | -23.8% | -63.4% | 48.1% | 32.7% |
| Leverage & debt balances | |||||||
| Debt-to-Assets | 5.1% | 5.2% | 4.2% | 11.1% | 7.1% | 1.7% | 6.8% |
| Debt-to-Equity | 0.07x | 0.10x | 0.05x | 0.21x | 0.23x | 0.03x | 0.12x |
| Debt-to-EBITDA | 0.20x | 0.20x | 0.16x | N/A | N/A | 0.06x | 0.27x |
| Equity-to-Assets | 69.4% | 53.0% | 81.1% | 53.2% | 30.8% | 52.9% | 56.7% |
| Net Debt | 107 | 68 | -204 | 427 | 211 | -67 | -34 |
| Cash & Equivalents | 43 | 187 | 374 | 20 | 64 | 134 | 392 |
| Total Debt | 150 | 255 | 170 | 447 | 275 | 68 | 358 |
| Liquidity & working capital | |||||||
| Current Ratio | 1.33x | 1.16x | 2.03x | 0.57x | 0.36x | 0.55x | 0.80x |
| Quick Ratio | 1.33x | 1.13x | 1.87x | 0.57x | 0.36x | 0.55x | 0.80x |
| Cash Ratio | 0.06x | 0.09x | 0.64x | 0.01x | 0.03x | 0.07x | 0.21x |
| Total Current Assets | 955 | 2,380 | 1,188 | 820 | 855 | 1,090 | 1,522 |
| Total Current Liabilities | 716 | 2,056 | 584 | 1,436 | 2,403 | 1,971 | 1,911 |
| Inventory | N/A | 65 | 95 | N/A | N/A | N/A | N/A |
| Trade Receivables | 839 | 2,101 | 923 | 567 | 595 | 627 | 528 |
| Trade Payables | 483 | 1,907 | 527 | 1,231 | 2,008 | 1,650 | 959 |
| Net Working Capital | 239 | 324 | 604 | -616 | -1,549 | -881 | -389 |
| Net Working Capital % of Revenue | 3.8% | 3.6% | 8.1% | -11.1% | -26.0% | -9.3% | -4.1% |
| Trade Working Capital | 357 | 258 | 491 | -665 | -1,413 | -1,023 | -431 |
| Trade Working Capital % of Revenue | 5.7% | 2.8% | 6.6% | -12.0% | -23.7% | -10.9% | -4.5% |
| Change in Trade Working Capital | N/A | -98 | 233 | -1,156 | -749 | 391 | 592 |
| Turnover & efficiency | |||||||
| Inventory Turnover | N/A | 60.65x | 32.25x | N/A | N/A | N/A | N/A |
| Days Inventory Outstanding (DIO) | N/A | 6.0 | 11.3 | N/A | N/A | N/A | N/A |
| Receivables Turnover | 7.49x | 4.32x | 8.08x | 9.76x | 10.02x | 15.04x | 18.04x |
| Days Sales Outstanding (DSO) | 48.7 | 84.5 | 45.2 | 37.4 | 36.4 | 24.3 | 20.2 |
| Payables Turnover | 5.14x | 2.07x | 5.81x | 3.14x | 2.07x | 2.75x | 4.72x |
| Days Payable Outstanding (DPO) | 71.0 | 176.1 | 62.8 | 116.3 | 176.6 | 132.8 | 77.3 |
| Cash Conversion Cycle | -22.3 days | -85.5 days | -6.3 days | -78.9 days | -140.2 days | -108.5 days | -57.1 days |
| Asset Turnover | 2.11x | 1.85x | 1.87x | 1.38x | 1.54x | 2.34x | 1.82x |
| Cash flow & dividends | |||||||
| Operating Cash Flow | -131 | 743 | 557 | 261 | 222 | N/A | N/A |
| Free Cash Flow (OCF − Capex proxy) | -256 | 39 | 272 | -584 | 169 | N/A | N/A |
| Cash Conversion (OCF / EBITDA) | -17.3% | 59.7% | 53.3% | N/A | N/A | N/A | N/A |
| 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 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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