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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2022 8,261 · FY2023 11,254 · FY2024 11,793 — 3-yr total 31,308
Operates in Oil & Gas — Distribution - Gas. Per the activity note to the FY2024 annual report, the company buys natural gas at the Georgian border and resells it to commercial users and to gas trading companies.
| Ratio | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Margins | ||||
| Gross Margin | 10.5% | 9.8% | 13.4% | 15.1% |
| EBITDA Margin | 9.3% | 9.0% | 12.2% | 13.8% |
| EBITDAR | 6,447 | 10,828 | 12,476 | 14,378 |
| EBITDAR Margin | 9.3% | 9.0% | 12.2% | 13.8% |
| EBIT Margin | 9.3% | 9.0% | 12.2% | 13.8% |
| Net Profit Margin | 7.4% | 8.5% | 10.3% | 12.0% |
| Operating Expense % of Sales | 1.2% | 0.9% | 1.2% | 2.7% |
| Returns | ||||
| Return on Assets (ROA) | 19.8% | 25.8% | 50.9% | 72.1% |
| Return on Equity (ROE) | 1084.0% | 1018.9% | 3572.2% | 514.0% |
| ROIC [EBIT / Invested Capital] | 2558.3% | 1746.5% | N/A | 603.9% |
| Leverage & debt balances | ||||
| Debt-to-Assets | 0.0% | 0.0% | 0.0% | 0.0% |
| Debt-to-Equity | 0.00x | 0.00x | 0.00x | 0.00x |
| Debt-to-EBITDA | 0.00x | 0.00x | 0.00x | 0.00x |
| Equity-to-Assets | 1.8% | 2.5% | 1.4% | 14.0% |
| Net Debt | -224 | -391 | -319 | -47 |
| Cash & Equivalents | 224 | 391 | 319 | 47 |
| Total Debt | N/A | N/A | N/A | N/A |
| Liquidity & working capital | ||||
| Current Ratio | 1.02x | 1.03x | 0.94x | 1.16x |
| Quick Ratio | 1.02x | 1.03x | 0.94x | 1.16x |
| Cash Ratio | 0.01x | 0.01x | 0.02x | 0.00x |
| Total Current Assets | 26,031 | 39,968 | 19,197 | 17,299 |
| Total Current Liabilities | 25,557 | 38,963 | 20,398 | 14,885 |
| Inventory | N/A | N/A | N/A | N/A |
| Trade Receivables | 22,743 | 38,887 | 18,878 | 17,252 |
| Trade Payables | 25,483 | 38,479 | 20,347 | 14,454 |
| Net Working Capital | 474 | 1,005 | -1,201 | 2,414 |
| Net Working Capital % of Revenue | 0.7% | 0.8% | -1.2% | 2.3% |
| Trade Working Capital | -2,740 | 408 | -1,469 | 2,798 |
| Trade Working Capital % of Revenue | -4.0% | 0.3% | -1.4% | 2.7% |
| Change in Trade Working Capital | N/A | 3,148 | -1,877 | 4,267 |
| Turnover & efficiency | ||||
| Inventory Turnover | N/A | N/A | N/A | N/A |
| Days Inventory Outstanding (DIO) | N/A | N/A | N/A | N/A |
| Receivables Turnover | 3.05x | 3.10x | 5.42x | 6.03x |
| Days Sales Outstanding (DSO) | 119.8 | 117.7 | 67.3 | 60.5 |
| Payables Turnover | 2.43x | 2.83x | 4.36x | 6.11x |
| Days Payable Outstanding (DPO) | 150.0 | 129.2 | 83.8 | 59.7 |
| Cash Conversion Cycle | -30.2 days | -11.5 days | -16.5 days | 0.8 days |
| Asset Turnover | 2.66x | 3.02x | 4.95x | 6.01x |
| Cash flow & dividends | ||||
| Operating Cash Flow | 7,815 | 7,031 | 11,932 | 8,403 |
| Free Cash Flow (OCF − Capex proxy) | 4,908 | 9,933 | 11,182 | 10,076 |
| Cash Conversion (OCF / EBITDA) | 121.2% | 64.9% | 95.6% | 58.4% |
| Dividends Declared | 4,684 | 8,261 | 11,254 | 11,793 |
| Dividend Payout Ratio | 90.8% | 80.2% | 106.8% | 94.5% |
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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