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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2022 9,908 · FY2023 9,661 · FY2024 6,000 — 3-yr total 25,569
Operator of the port of Batumi on the Black Sea, handling oil products, dry cargo and passenger ferries. A public-interest entity strategic to Georgia's logistics infrastructure.
Subsidiary of Sakhelmtsipo (100.0%)
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross Margin | 23.8% | 31.4% | 31.2% | 34.7% | 35.9% | 30.2% | 19.8% | 25.3% |
| EBITDA Margin | 5.2% | 19.7% | 17.9% | 24.2% | 24.1% | 20.1% | 6.9% | 13.5% |
| EBITDAR | 2,086 | 8,622 | 7,357 | 12,204 | 13,498 | 11,590 | 3,605 | 7,898 |
| EBITDAR Margin | 5.2% | 19.7% | 17.9% | 24.2% | 24.1% | 20.1% | 6.9% | 13.5% |
| EBIT Margin | 5.2% | 12.7% | 0.0% | 24.2% | 24.1% | 20.1% | 6.9% | 13.5% |
| Net Profit Margin | 6.9% | 12.8% | 2.7% | 29.3% | 17.7% | 16.7% | 9.5% | 15.1% |
| Operating Expense % of Sales | 18.7% | 11.7% | 13.4% | 10.6% | 11.8% | 10.9% | 12.9% | 11.8% |
| Returns | ||||||||
| Return on Assets (ROA) | 1.3% | 3.3% | 0.6% | 7.3% | 4.9% | 4.5% | 2.4% | 4.1% |
| Return on Equity (ROE) | 1.6% | 3.5% | 0.6% | 7.5% | 5.2% | 4.8% | 2.5% | 4.4% |
| ROIC [EBIT / Invested Capital] | 1.2% | 3.5% | 0.0% | 6.6% | 7.5% | 6.2% | 2.0% | 4.3% |
| Leverage & debt balances | ||||||||
| Debt-to-Assets | 0.1% | 0.2% | 0.2% | 0.2% | 0.2% | 0.1% | 0.1% | 0.1% |
| Debt-to-Equity | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x |
| Debt-to-EBITDA | 0.13x | 0.03x | 0.04x | 0.03x | 0.02x | 0.03x | 0.08x | 0.04x |
| Equity-to-Assets | 85.6% | 94.8% | 93.3% | 97.2% | 95.6% | 93.9% | 95.0% | 92.5% |
| Net Debt | -1,079 | -2,575 | -9,047 | -12,673 | -11,105 | -15,170 | -13,228 | -16,014 |
| Cash & Equivalents | 1,360 | 2,865 | 9,358 | 13,028 | 11,440 | 15,461 | 13,519 | 16,318 |
| Total Debt | 281 | 290 | 311 | 355 | 335 | 291 | 291 | 304 |
| Liquidity & working capital | ||||||||
| Current Ratio | 0.35x | 1.14x | 1.44x | 4.84x | 3.00x | 2.22x | 2.23x | 2.00x |
| Quick Ratio | 0.27x | 1.00x | 1.34x | 4.58x | 2.66x | 2.07x | 2.09x | 1.93x |
| Cash Ratio | 0.05x | 0.33x | 0.73x | 2.41x | 1.34x | 1.21x | 1.35x | 1.15x |
| Total Current Assets | 8,986 | 9,946 | 18,524 | 26,169 | 25,654 | 28,327 | 22,295 | 28,289 |
| Total Current Liabilities | 25,625 | 8,762 | 12,893 | 5,409 | 8,551 | 12,778 | 10,011 | 14,178 |
| Inventory | 1,956 | 1,160 | 1,220 | 1,369 | 2,895 | 1,830 | 1,357 | 954 |
| Trade Receivables | 4,045 | 2,639 | 4,293 | 5,323 | 5,246 | 5,522 | 1,550 | 5,018 |
| Trade Payables | 6,890 | 4,908 | 6,891 | 3,190 | 2,750 | 6,140 | 1,969 | 6,146 |
| Net Working Capital | -16,639 | 1,184 | 5,631 | 20,760 | 17,103 | 15,549 | 12,284 | 14,111 |
| Net Working Capital % of Revenue | -41.1% | 2.7% | 13.7% | 41.1% | 30.5% | 26.9% | 23.4% | 24.2% |
| Trade Working Capital | -890 | -1,109 | -1,379 | 3,502 | 5,391 | 1,212 | 938 | -174 |
| Trade Working Capital % of Revenue | -2.2% | -2.5% | -3.3% | 6.9% | 9.6% | 2.1% | 1.8% | -0.3% |
| Change in Trade Working Capital | N/A | -219 | -270 | 4,881 | 1,889 | -4,179 | -274 | -1,112 |
| Turnover & efficiency | ||||||||
| Inventory Turnover | 15.77x | 25.96x | 23.23x | 24.07x | 12.41x | 22.03x | 31.02x | 45.69x |
| Days Inventory Outstanding (DIO) | 23.1 | 14.1 | 15.7 | 15.2 | 29.4 | 16.6 | 11.8 | 8.0 |
| Receivables Turnover | 10.01x | 16.62x | 9.59x | 9.48x | 10.69x | 10.46x | 33.86x | 11.63x |
| Days Sales Outstanding (DSO) | 36.5 | 22.0 | 38.0 | 38.5 | 34.2 | 34.9 | 10.8 | 31.4 |
| Payables Turnover | 4.48x | 6.13x | 4.11x | 10.33x | 13.06x | 6.57x | 21.38x | 7.09x |
| Days Payable Outstanding (DPO) | 81.6 | 59.5 | 88.8 | 35.3 | 27.9 | 55.6 | 17.1 | 51.5 |
| Cash Conversion Cycle | -21.9 days | -23.5 days | -35.0 days | 18.3 days | 35.6 days | -4.1 days | 5.5 days | -12.1 days |
| Asset Turnover | 0.19x | 0.26x | 0.21x | 0.25x | 0.28x | 0.27x | 0.25x | 0.27x |
| Cash flow & dividends | ||||||||
| Operating Cash Flow | 15,575 | 12,077 | 14,860 | 10,848 | 18,956 | 23,443 | 13,382 | 15,455 |
| Free Cash Flow (OCF − Capex proxy) | 15,575 | 10,164 | 10,643 | 6,792 | 12,873 | 15,175 | 7,769 | 8,420 |
| Cash Conversion (OCF / EBITDA) | 746.6% | 140.1% | 202.0% | 88.9% | 140.4% | 202.3% | 371.2% | 195.7% |
| Dividends Declared | 0 | 2,793 | 5,597 | 1,116 | 14,784 | 9,908 | 9,661 | 6,000 |
| Dividend Payout Ratio | 0.0% | 49.9% | 501.3% | 7.6% | 149.2% | 102.6% | 193.4% | 68.0% |
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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