Ratio	2021	2022	2023	2024
Margins
Gross Margin	48.6%	44.1%	38.6%	44.2%
EBITDA Margin	19.1%	6.1%	14.8%	20.8%
EBITDAR	455	173	600	1,275
EBITDAR Margin	19.1%	6.1%	14.8%	20.8%
EBIT Margin	15.5%	-0.1%	10.3%	17.4%
Net Profit Margin	18.7%	6.6%	12.4%	17.1%
Operating Expense % of Sales	29.4%	38.0%	23.7%	23.5%
Returns
Return on Assets (ROA)	24.7%	8.3%	18.3%	31.5%
Return on Equity (ROE)	37.9%	13.8%	26.8%	36.8%
ROIC [EBIT / Invested Capital]	24.6%	-0.2%	19.8%	40.3%
Leverage & liquidity
Debt-to-Assets	29.8%	36.0%	26.7%	9.4%
Debt-to-Equity	0.46x	0.60x	0.39x	0.11x
Debt-to-EBITDA	1.18x	4.75x	1.21x	0.25x
Equity-to-Assets	65.2%	60.2%	68.4%	85.5%
Net Debt	326	538	235	-209
Cash & Equivalents	210	279	492	524
Total Debt	537	818	727	315
Efficiency & working capital
Inventory Turnover	N/A	N/A	N/A	N/A
Days Inventory Outstanding (DIO)	N/A	N/A	N/A	N/A
Receivables Turnover	41.37x	36.43x	38.36x	94.43x
Days Sales Outstanding (DSO)	8.8	10.0	9.5	3.9
Payables Turnover	35.44x	46.95x	76.19x	44.96x
Days Payable Outstanding (DPO)	10.3	7.8	4.8	8.1
Cash Conversion Cycle	-1.5 days	2.2 days	4.7 days	-4.3 days
Asset Turnover	1.32x	1.25x	1.48x	1.84x
Cash flow & dividends
Operating Cash Flow	-172	205	862	998
Free Cash Flow (OCF − Capex proxy)	-391	-186	135	634
Cash Conversion (OCF / EBITDA)	-37.9%	119.1%	143.8%	78.4%
Dividends Declared	N/A	N/A	N/A	N/A
Dividend Payout Ratio	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 ₾ '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