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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2022 0 · FY2023 0 · FY2024 0
Hospitality operator on Georgia's Black Sea coast, developing and running resort properties.
Subsidiary of Georgia Tourism Development Fund (100.0%)
| Line item | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | CAGR |
|---|---|---|---|---|---|---|---|---|---|
| Total Revenue | 2,066 | 21,209 | 26,960 | 13,763 | 35,060 | 37,694 | 36,514 | 43,335 | +54.5% |
| Total COGS | 4,922 | 8,253 | 22,108 | 17,297 | 26,050 | 28,799 | 26,382 | 28,678 | +28.6% |
| Gross Profit | 2,856 | 12,956 | 4,852 | 3,534 | 9,010 | 8,895 | 10,132 | 14,657 | nmf |
| Gross Margin | 138.2% | 61.1% | 18.0% | 25.7% | 25.7% | 23.6% | 27.7% | 33.8% | |
| 4,370 | 16,874 | 8,864 | 6,242 | 8,986 | 10,761 | 10,128 | 11,630 | +15.0% | |
| EBITDA | 7,226 | 3,918 | 4,012 | 9,776 | 24 | 1,866 | 4 | 3,027 | nmf |
| EBITDA Margin | 349.8% | 18.5% | 14.9% | 71.0% | 0.1% | 5.0% | 0.0% | 7.0% | |
| Total D&A | 5,092 | 2,145 | 18 | 3 | 3 | 3 | 3 | 3 | nmf |
| 29 | 9,475 | 0 | 1,868 | 100 | 322 | 0 | 1,687 | nmf | |
| EBIT / Operating Income | 12,347 | 3,412 | 4,030 | 11,647 | 79 | 1,547 | 1 | 4,711 | nmf |
| Total Interest Income | 1 | 103 | 296 | 148 | 208 | 362 | 499 | 417 | nmf |
| Total Interest Expense | 0 | 0 | 47 | 124 | 0 | 0 | 0 | 0 | +163.8% |
| 4 | 11 | 72 | 417 | 1,058 | 2,725 | 17 | 420 | nmf | |
| Profit Before Tax | 12,350 | 3,526 | 3,853 | 11,206 | 1,187 | 3,910 | 517 | 5,548 | nmf |
| Total Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Net Profit / (Loss) | 14,954 | 3,260 | 4,195 | 11,548 | 858 | 4,201 | 517 | 5,269 | nmf |
| Net Margin | 723.8% | 15.4% | 15.6% | 83.9% | 2.4% | 11.1% | 1.4% | 12.2% |
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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