Ratio	2022	2023	2024
Margins
Gross Margin	8.8%	5.6%	6.7%
EBITDA Margin	2.5%	-0.7%	5.3%
EBITDAR	68	-19	287
EBITDAR Margin	2.5%	-0.7%	5.3%
EBIT Margin	2.5%	-0.7%	5.3%
Net Profit Margin	1.0%	-2.4%	4.4%
Operating Expense % of Sales	6.3%	6.3%	1.4%
Returns
Return on Assets (ROA)	2.6%	-4.6%	14.7%
Return on Equity (ROE)	4.9%	-9.0%	43.8%
ROIC [EBIT / Invested Capital]	6.5%	-1.4%	20.8%
Leverage & liquidity
Debt-to-Assets	43.0%	48.3%	63.8%
Debt-to-Equity	0.83x	0.95x	1.90x
Debt-to-EBITDA	6.95x	N/A	3.59x
Equity-to-Assets	52.1%	50.7%	33.5%
Net Debt	468	661	837
Cash & Equivalents	5	5	196
Total Debt	473	666	1,033
Efficiency & working capital
Inventory Turnover	N/A	N/A	N/A
Days Inventory Outstanding (DIO)	N/A	N/A	N/A
Receivables Turnover	N/A	N/A	251.42x
Days Sales Outstanding (DSO)	N/A	N/A	1.5
Payables Turnover	234.35x	181.77x	161.82x
Days Payable Outstanding (DPO)	1.6	2.0	2.3
Cash Conversion Cycle	-1.6 days	-2.0 days	-0.8 days
Asset Turnover	2.48x	1.93x	3.34x
Cash flow & dividends
Operating Cash Flow	10,947	13,552	14,173
Free Cash Flow (OCF − Capex proxy)	5	5	187
Cash Conversion (OCF / EBITDA)	16088.3%	N/A	4930.4%
Dividends Declared	N/A	N/A	N/A
Dividend Payout Ratio	N/A	N/A	N/A

Money rows — EBITDAR, net debt, cash, total debt, operating and free cash flow, dividends declared — are in ₾ '000. Margins, returns and payout are percentages; turnover and leverage are multiples; DIO/DSO/DPO are days. Hover a metric name for its definition.

Ownership & group structure

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.

companyinfo.ge · fetched 2026-07-15