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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2022 3,705 · FY2023 0 · FY2024 0 — 3-yr total 3,705
SRG Real Estate LLC is the real-estate-development arm of Silk Road Group, focused on commercial and mixed-use property in Tbilisi. Projects within the SRG portfolio include Radisson Blu Iveria-adjacent assets and several Tbilisi office / hospitality developments.
Subsidiary of Silk Road Group Holding (95.0%)
| Line item | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | CAGR |
|---|---|---|---|---|---|---|---|
| Total Revenue | 192,573 | 58,358 | 144,738 | 246,002 | 246,995 | 258,689 | +6.1% |
| Total COGS | 59,302 | 21,324 | 42,972 | 65,347 | 71,981 | 91,485 | +9.1% |
| Gross Profit | 133,271 | 37,034 | 101,766 | 180,655 | 175,014 | 167,204 | +4.6% |
| Gross Margin | 69.2% | 63.5% | 70.3% | 73.4% | 70.9% | 64.6% | |
| Other Operating Income | 8,475 | 38,929 | 7,795 | 17,030 | 17,008 | 16,584 | +14.4% |
| 94,408 | 48,291 | 68,063 | 109,115 | 124,727 | 138,125 | +7.9% | |
| EBITDA | 47,338 | 27,672 | 41,498 | 88,570 | 67,295 | 45,663 | -0.7% |
| EBITDA Margin | 24.6% | 47.4% | 28.7% | 36.0% | 27.2% | 17.7% | |
| Total D&A | 27,835 | 26,492 | 29,408 | 26,977 | 27,566 | 27,221 | -0.4% |
| Impairment (non-financial) | 0 | 0 | 0 | 0 | 0 | 14,039 | |
| EBIT / Operating Income | 19,503 | 1,180 | 12,090 | 61,593 | 39,729 | 4,403 | -25.7% |
| Total Interest Income | 17,515 | 18,932 | 19,655 | 18,639 | 9,103 | 3,116 | -29.2% |
| Total Interest Expense | 23,343 | 22,441 | 29,515 | 26,284 | 27,176 | 20,293 | -2.8% |
| 745 | 2,414 | 3,032 | 5,220 | 9,009 | 805 | +1.6% | |
| Profit Before Tax | 12,930 | 85 | 5,262 | 48,728 | 12,647 | 13,579 | nmf |
| Total Income Tax | 899 | 0 | 0 | 0 | 0 | 0 | |
| Net Profit / (Loss) | 9,203 | 853 | 2,460 | 45,134 | 12,647 | 13,579 | nmf |
| Net Margin | 4.8% | 1.5% | 1.7% | 18.3% | 5.1% | 5.2% |
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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