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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2022 40,882 · FY2023 69,814 · FY2024 16,865 — 3-yr total 127,561
JSC Georgia Pharmacy Group ('GPG') is the pharmacy retail and wholesale/distribution business of Georgia Capital PLC (LSE: CGEO), which owns 100%. In 2024 the former JSC Georgia Healthcare Group was renamed Georgia Pharmacy Group and reorganized — its hospital/healthcare arm was spun into a newly-founded JSC Georgia Healthcare Group (id 405746634) and its medical-insurance arm (Imedi L) into a separate common-control entity — leaving GPG with only pharmacy. It consolidates GEPHA (~97.8%) plus the ABC Pharmalogistics, ABC Pharmacia (Armenia), Azpha (Azerbaijan) and Iverta distribution subsidiaries. (Our data still lists this entity under its pre-2024 name, Georgia Healthcare Group.)
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross Margin | 30.6% | 31.7% | 32.0% | 30.8% | 31.3% | 31.5% | 29.7% | 31.7% |
| EBITDA Margin | 25.0% | 16.6% | 20.1% | 18.2% | 18.0% | 15.6% | 13.4% | 13.5% |
| EBITDAR | 205,358 | 160,048 | 196,590 | 184,210 | 221,550 | 192,857 | 117,563 | 119,110 |
| EBITDAR Margin | 27.5% | 18.9% | 20.5% | 18.5% | 18.3% | 16.0% | 14.3% | 13.8% |
| EBIT Margin | 21.5% | 12.6% | 14.4% | 12.4% | 12.8% | 9.7% | 9.1% | 8.6% |
| Net Profit Margin | 7.1% | 6.9% | 7.0% | 0.4% | 9.1% | 4.8% | 0.6% | 3.1% |
| Operating Expense % of Sales | 5.6% | 15.1% | 11.9% | 12.6% | 14.1% | 16.5% | 16.3% | 18.7% |
| Returns | ||||||||
| Return on Assets (ROA) | 4.5% | 4.8% | 5.0% | 0.3% | 8.0% | 4.1% | 0.4% | 4.5% |
| Return on Equity (ROE) | 9.9% | 10.3% | 11.1% | 0.8% | 20.2% | 10.3% | 1.1% | 32.1% |
| ROIC [EBIT / Invested Capital] | 18.6% | 11.4% | 13.2% | 13.7% | 16.9% | 11.9% | 6.6% | 18.9% |
| Leverage & debt balances | ||||||||
| Debt-to-Assets | 31.7% | 32.4% | 33.4% | 35.4% | 33.6% | 36.3% | 47.9% | 54.1% |
| Debt-to-Equity | 0.69x | 0.70x | 0.75x | 0.92x | 0.86x | 0.92x | 1.48x | 3.88x |
| Debt-to-EBITDA | 1.98x | 2.84x | 2.35x | 2.67x | 2.14x | 2.72x | 6.60x | 2.82x |
| Equity-to-Assets | 45.8% | 46.0% | 44.7% | 38.3% | 39.3% | 39.5% | 32.4% | 14.0% |
| Net Debt | 328,116 | 365,954 | 435,996 | 380,428 | 376,385 | 422,972 | 649,972 | 308,793 |
| Cash & Equivalents | 41,221 | 33,112 | 18,380 | 104,390 | 89,875 | 89,468 | 78,251 | 19,202 |
| Total Debt | 369,337 | 399,066 | 454,376 | 484,818 | 466,260 | 512,440 | 728,223 | 327,995 |
| Liquidity & working capital | ||||||||
| Current Ratio | 1.55x | 1.19x | 1.21x | 1.36x | 1.15x | 1.35x | 0.78x | 1.04x |
| Quick Ratio | 0.98x | 0.69x | 0.67x | 0.81x | 0.64x | 0.72x | 0.41x | 0.30x |
| Cash Ratio | 0.18x | 0.11x | 0.06x | 0.28x | 0.21x | 0.23x | 0.10x | 0.06x |
| Total Current Assets | 354,273 | 346,459 | 385,976 | 501,340 | 499,307 | 515,738 | 584,762 | 315,396 |
| Total Current Liabilities | 228,016 | 292,257 | 318,038 | 369,898 | 435,437 | 382,398 | 746,767 | 303,277 |
| Inventory | 131,849 | 146,164 | 174,462 | 202,219 | 220,733 | 241,215 | 281,532 | 225,344 |
| Trade Receivables | 140,975 | 150,924 | 174,612 | 142,117 | 140,070 | 119,703 | 168,482 | 45,553 |
| Trade Payables | 126,740 | 127,354 | 154,006 | 199 | 198 | 190 | 216 | 155,881 |
| Net Working Capital | 126,257 | 54,202 | 67,938 | 131,442 | 63,870 | 133,340 | -162,005 | 12,119 |
| Net Working Capital % of Revenue | 16.9% | 6.4% | 7.1% | 13.2% | 5.3% | 11.1% | -19.7% | 1.4% |
| Trade Working Capital | 146,084 | 169,734 | 195,068 | 344,137 | 360,605 | 360,728 | 449,798 | 115,016 |
| Trade Working Capital % of Revenue | 19.6% | 20.1% | 20.3% | 34.5% | 29.8% | 30.0% | 54.6% | 13.3% |
| Change in Trade Working Capital | N/A | 23,650 | 25,334 | 149,069 | 16,468 | 123 | 89,070 | -334,782 |
| Turnover & efficiency | ||||||||
| Inventory Turnover | 3.93x | 3.95x | 3.74x | 3.41x | 3.77x | 3.42x | 2.06x | 2.61x |
| Days Inventory Outstanding (DIO) | 93.0 | 92.3 | 97.5 | 106.9 | 96.8 | 106.7 | 177.4 | 139.8 |
| Receivables Turnover | 5.29x | 5.61x | 5.50x | 7.02x | 8.65x | 10.06x | 4.89x | 18.92x |
| Days Sales Outstanding (DSO) | 69.0 | 65.1 | 66.4 | 52.0 | 42.2 | 36.3 | 74.7 | 19.3 |
| Payables Turnover | 4.08x | 4.54x | 4.24x | 3470.54x | 4210.71x | 4339.48x | 2677.52x | 3.78x |
| Days Payable Outstanding (DPO) | 89.4 | 80.5 | 86.1 | 0.1 | 0.1 | 0.1 | 0.1 | 96.7 |
| Cash Conversion Cycle | 72.6 days | 77.0 days | 77.8 days | 158.8 days | 138.9 days | 142.9 days | 251.9 days | 62.4 days |
| Asset Turnover | 0.64x | 0.69x | 0.71x | 0.73x | 0.87x | 0.85x | 0.54x | 1.42x |
| Cash flow & dividends | ||||||||
| Operating Cash Flow | 63,813 | 104,092 | 156,544 | 193,871 | 189,468 | 145,851 | 130,028 | 195,323 |
| Free Cash Flow (OCF − Capex proxy) | 63,813 | 18,745 | 109,141 | 160,046 | 144,022 | 96,364 | 73,353 | 139,632 |
| Cash Conversion (OCF / EBITDA) | 34.3% | 74.1% | 81.1% | 106.7% | 86.9% | 77.4% | 117.8% | 167.8% |
| Dividends Declared | 0 | 10,791 | 22,498 | 9,565 | 36,144 | 40,882 | 69,814 | 16,865 |
| Dividend Payout Ratio | 0.0% | 18.4% | 33.3% | 241.2% | 32.7% | 70.8% | 1308.4% | 62.1% |
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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