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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Pharmanet (ფარმანეტი, pharmanet.ge) — a Georgian retail pharmacy chain founded in 2011, competing on price with a large selection of (notably Turkish) medications, a loyalty 'pharma card' and recurring weekly discounts. Retail-level margins (~18–20%); active and steadily growing (revenue ~GEL 3m in 2018 to ~GEL 6.7m in 2024).
| Line item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | CAGR |
|---|---|---|---|---|---|---|---|---|
| 2,978 | 4,402 | 4,836 | 5,677 | 4,719 | 5,284 | 6,688 | +14.4% | |
| Total COGS | 2,357 | 3,528 | 3,899 | 4,543 | 3,822 | 4,431 | 5,471 | +15.1% |
| Gross Profit | 621 | 873 | 937 | 1,134 | 897 | 853 | 1,217 | +11.9% |
| Gross Margin | 20.8% | 19.8% | 19.4% | 20.0% | 19.0% | 16.1% | 18.2% | |
| 494 | 606 | 780 | 780 | 892 | 731 | 833 | +9.1% | |
| EBITDA | 127 | 267 | 157 | 355 | 5 | 122 | 384 | +20.3% |
| EBITDA Margin | 4.3% | 6.1% | 3.2% | 6.2% | 0.1% | 2.3% | 5.7% | |
| Total D&A | 49 | 45 | 51 | 32 | 30 | 31 | 36 | -5.1% |
| EBIT / Operating Income | 78 | 222 | 106 | 322 | 25 | 91 | 348 | +28.4% |
| Total Interest Expense | 61 | 56 | 68 | 80 | 57 | 68 | 65 | +1.1% |
| 0 | 0 | 5 | 25 | 83 | 19 | 31 | nmf | |
| Profit Before Tax | 17 | 166 | 33 | 267 | 0 | 4 | 253 | +56.9% |
| Total Income Tax | 0 | 1 | 47 | 0 | 26 | 0 | 0 | +237.9% |
| Net Profit / (Loss) | 120 | 165 | 71 | 267 | 26 | 4 | 253 | +13.2% |
| Net Margin | 4.0% | 3.8% | 1.5% | 4.7% | 0.5% | 0.1% | 3.8% |
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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