Ratio	2021	2022	2023	2024
Margins
Gross Margin	43.4%	41.7%	34.1%	40.8%
EBITDA Margin	28.3%	23.1%	16.6%	20.6%
EBITDAR	716	677	712	983
EBITDAR Margin	32.8%	28.5%	22.0%	27.0%
EBIT Margin	28.1%	22.9%	16.5%	20.5%
Net Profit Margin	30.1%	27.1%	19.3%	17.7%
Operating Expense % of Sales	15.2%	18.6%	17.5%	20.2%
Returns
Return on Assets (ROA)	24.3%	19.8%	14.2%	13.7%
Return on Equity (ROE)	54.2%	34.6%	27.1%	23.0%
ROIC [EBIT / Invested Capital]	73.1%	26.2%	23.8%	27.0%
Leverage & liquidity
Debt-to-Assets	0.6%	8.4%	0.1%	0.1%
Debt-to-Equity	0.01x	0.15x	0.00x	0.00x
Debt-to-EBITDA	0.02x	0.50x	0.01x	0.01x
Equity-to-Assets	44.9%	57.2%	52.3%	59.6%
Net Debt	-373	214	-61	-31
Cash & Equivalents	388	60	66	37
Total Debt	15	274	5	5
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	50.97x	47.09x	22.73x	28.56x
Days Sales Outstanding (DSO)	7.2	7.8	16.1	12.8
Payables Turnover	0.84x	1.24x	1.03x	1.14x
Days Payable Outstanding (DPO)	435.5	295.3	353.6	321.2
Cash Conversion Cycle	-428.3 days	-287.5 days	-337.5 days	-308.5 days
Asset Turnover	0.81x	0.73x	0.74x	0.77x
Cash flow & dividends
Operating Cash Flow	552	-558	430	101
Free Cash Flow (OCF − Capex proxy)	552	-558	430	101
Cash Conversion (OCF / EBITDA)	89.4%	-101.9%	80.2%	13.5%
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