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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2022 1,970 · FY2023 2,533 · FY2024 2,358 — 3-yr total 6,861
One of Georgia's leading meat processors and FMCG companies, part of the Nikora group, producing sausages, deli meats and other food products under the Nikora brand.
Subsidiary of Nikora (100.0%)
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross Margin | 20.6% | 23.7% | 12.9% | 15.7% | 15.3% | 19.2% | 22.4% | 24.1% |
| EBITDA Margin | 8.0% | 9.6% | 6.3% | 5.9% | 6.6% | 9.8% | 13.0% | 9.9% |
| EBITDAR | 5,177 | 7,510 | 7,025 | 4,798 | 5,944 | 9,033 | 12,277 | 9,593 |
| EBITDAR Margin | 8.0% | 9.6% | 8.5% | 8.3% | 8.7% | 11.8% | 14.8% | 12.0% |
| EBIT Margin | 7.9% | 9.5% | 6.2% | 5.7% | 6.4% | 9.7% | 12.8% | 9.6% |
| Net Profit Margin | 1.7% | 6.1% | 3.3% | 1.1% | 5.1% | 8.6% | 10.4% | 5.6% |
| Operating Expense % of Sales | 12.7% | 14.1% | 7.1% | 9.8% | 8.8% | 9.3% | 9.4% | 14.2% |
| Returns | ||||||||
| Return on Assets (ROA) | 7.0% | 25.0% | 11.9% | 2.9% | 13.2% | 20.6% | 15.9% | 5.7% |
| Return on Equity (ROE) | 37.3% | 90.5% | 62.3% | 35.8% | 102.7% | 80.2% | 60.4% | 27.5% |
| ROIC [EBIT / Invested Capital] | 46.9% | 54.2% | 29.7% | 19.2% | 22.6% | 30.7% | 23.1% | 10.9% |
| Leverage & debt balances | ||||||||
| Debt-to-Assets | 50.1% | 44.9% | 55.6% | 69.8% | 61.1% | 50.3% | 60.2% | 69.1% |
| Debt-to-Equity | 2.65x | 1.63x | 2.92x | 8.57x | 4.77x | 1.96x | 2.28x | 3.35x |
| Debt-to-EBITDA | 1.54x | 1.13x | 2.48x | 4.51x | 3.58x | 2.13x | 3.03x | 6.96x |
| Equity-to-Assets | 18.9% | 27.6% | 19.1% | 8.1% | 12.8% | 25.7% | 26.4% | 20.6% |
| Net Debt | 7,969 | 8,509 | 12,890 | 15,297 | 15,969 | 15,994 | 31,675 | 54,109 |
| Cash & Equivalents | 8 | 7 | 13 | 9 | 11 | 24 | 806 | 788 |
| Total Debt | 7,977 | 8,516 | 12,903 | 15,306 | 15,980 | 16,018 | 32,481 | 54,897 |
| Liquidity & working capital | ||||||||
| Current Ratio | 1.61x | 0.95x | 1.58x | 1.31x | 0.77x | 1.62x | 2.62x | 0.86x |
| Quick Ratio | 0.71x | 0.52x | 0.75x | 0.51x | 0.29x | 0.63x | 1.29x | 0.35x |
| Cash Ratio | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.12x | 0.05x |
| Total Current Assets | 10,181 | 12,017 | 12,582 | 11,452 | 11,869 | 12,523 | 18,301 | 14,277 |
| Total Current Liabilities | 6,336 | 12,593 | 7,973 | 8,724 | 15,468 | 7,751 | 6,998 | 16,595 |
| Inventory | 5,704 | 5,480 | 6,571 | 6,980 | 7,423 | 7,628 | 9,257 | 8,485 |
| Trade Receivables | 4,468 | 6,530 | 5,998 | 4,463 | 4,436 | 4,871 | 5,207 | 5,004 |
| Trade Payables | 4,903 | 5,132 | 5,836 | 4,845 | 4,288 | 5,092 | 4,744 | 5,589 |
| Net Working Capital | 3,845 | -576 | 4,609 | 2,728 | -3,599 | 4,772 | 11,303 | -2,318 |
| Net Working Capital % of Revenue | 5.9% | -0.7% | 5.6% | 4.7% | -5.3% | 6.2% | 13.7% | -2.9% |
| Trade Working Capital | 5,269 | 6,878 | 6,733 | 6,598 | 7,571 | 7,407 | 9,720 | 7,900 |
| Trade Working Capital % of Revenue | 8.1% | 8.8% | 8.1% | 11.5% | 11.1% | 9.7% | 11.8% | 9.9% |
| Change in Trade Working Capital | N/A | 1,609 | -145 | -135 | 973 | -164 | 2,313 | -1,820 |
| Turnover & efficiency | ||||||||
| Inventory Turnover | 9.05x | 10.87x | 10.96x | 6.95x | 7.75x | 8.11x | 6.93x | 7.12x |
| Days Inventory Outstanding (DIO) | 40.3 | 33.6 | 33.3 | 52.5 | 47.1 | 45.0 | 52.6 | 51.2 |
| Receivables Turnover | 14.56x | 11.96x | 13.78x | 12.89x | 15.31x | 15.71x | 15.88x | 15.92x |
| Days Sales Outstanding (DSO) | 25.1 | 30.5 | 26.5 | 28.3 | 23.8 | 23.2 | 23.0 | 22.9 |
| Payables Turnover | 10.53x | 11.60x | 12.34x | 10.01x | 13.42x | 12.15x | 13.53x | 10.81x |
| Days Payable Outstanding (DPO) | 34.7 | 31.5 | 29.6 | 36.5 | 27.2 | 30.0 | 27.0 | 33.8 |
| Cash Conversion Cycle | 30.7 days | 32.7 days | 30.2 days | 44.4 days | 43.7 days | 38.2 days | 48.7 days | 40.4 days |
| Asset Turnover | 4.09x | 4.12x | 3.56x | 2.62x | 2.60x | 2.41x | 1.53x | 1.00x |
| Cash flow & dividends | ||||||||
| Operating Cash Flow | 647 | 3,397 | 4,612 | 3,436 | 3,177 | 7,686 | 8,804 | 8,519 |
| Free Cash Flow (OCF − Capex proxy) | 647 | 2,039 | 3,715 | 2,136 | 710 | 993 | -9,297 | -20,033 |
| Cash Conversion (OCF / EBITDA) | 12.5% | 45.2% | 88.8% | 101.3% | 71.2% | 102.0% | 82.0% | 108.1% |
| Dividends Declared | 5,254 | 2,607 | 3,569 | 3,275 | 2,177 | 1,970 | 2,533 | 2,358 |
| Dividend Payout Ratio | 469.1% | 55.0% | 129.6% | 512.5% | 63.3% | 30.0% | 29.5% | 52.4% |
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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