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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2018 0 · FY2019 0 · FY2020 0
Operates in Construction — Residential & Commercial Building. Per the activity note to the FY2023 annual report, the company constructs and sells residential and non-residential properties. Founded in 2016; headquartered in Tbilisi with mixed ownership structure.
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|---|
| Margins | |||||||
| Gross Margin | 48.9% | 40.4% | 60.3% | 45.8% | 34.1% | 56.4% | 35.8% |
| EBITDA Margin | 26.7% | 32.0% | 28.7% | 42.0% | 22.3% | -5.8% | 8.4% |
| EBITDAR | 901 | 10,150 | 1,924 | 19,877 | 2,070 | -73 | 289 |
| EBITDAR Margin | 26.7% | 32.0% | 28.7% | 42.0% | 22.3% | -5.8% | 8.4% |
| EBIT Margin | 21.2% | 30.9% | 27.7% | 41.2% | 20.4% | -17.0% | 5.1% |
| Net Profit Margin | -18.2% | 30.6% | 57.9% | 51.1% | -44.4% | -276.5% | -81.5% |
| Operating Expense % of Sales | 22.2% | 8.5% | 31.6% | 3.9% | 11.8% | 62.2% | 27.4% |
| Returns | |||||||
| Return on Assets (ROA) | -1.7% | 20.8% | 7.5% | 47.3% | -9.9% | -9.2% | -8.1% |
| Return on Equity (ROE) | -2.0% | 23.8% | 10.0% | 55.2% | -10.4% | -9.6% | -8.4% |
| ROIC [EBIT / Invested Capital] | 3.5% | 66.4% | 8.0% | 177.6% | 8.6% | -1.1% | 1.2% |
| Leverage & debt balances | |||||||
| Debt-to-Assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Debt-to-Equity | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x |
| Debt-to-EBITDA | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | N/A | 0.00x |
| Equity-to-Assets | 85.9% | 87.2% | 74.3% | 85.6% | 95.0% | 95.8% | 96.1% |
| Net Debt | -10,934 | -26,097 | -15,439 | -32,832 | -17,778 | -16,923 | -18,811 |
| Cash & Equivalents | 10,934 | 26,097 | 15,439 | 32,832 | 17,778 | 16,923 | 18,811 |
| Total Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Liquidity & working capital | |||||||
| Current Ratio | 241.80x | 7.56x | 3.76x | 6.75x | 14.23x | 18.57x | 25.05x |
| Quick Ratio | 87.48x | 4.77x | 1.62x | 5.00x | 14.23x | 18.57x | 25.05x |
| Cash Ratio | 77.00x | 4.37x | 1.16x | 4.46x | 8.47x | 10.62x | 13.97x |
| Total Current Assets | 34,335 | 45,192 | 50,209 | 49,750 | 29,849 | 29,587 | 33,738 |
| Total Current Liabilities | 142 | 5,976 | 13,344 | 7,367 | 2,098 | 1,593 | 1,347 |
| Inventory | 21,913 | 16,669 | 28,554 | 12,908 | N/A | N/A | N/A |
| Trade Receivables | 125 | 128 | 943 | 7 | 2,653 | 2,913 | 4,912 |
| Trade Payables | 142 | 223 | 97 | 377 | 229 | 125 | 40 |
| Net Working Capital | 34,193 | 39,216 | 36,865 | 42,383 | 27,751 | 27,994 | 32,391 |
| Net Working Capital % of Revenue | 1012.5% | 123.6% | 550.2% | 89.5% | 299.2% | 2225.3% | 941.1% |
| Trade Working Capital | 21,896 | 16,574 | 29,400 | 12,538 | 2,424 | 2,788 | 4,872 |
| Trade Working Capital % of Revenue | 648.4% | 52.2% | 438.8% | 26.5% | 26.1% | 221.6% | 141.5% |
| Change in Trade Working Capital | N/A | -5,322 | 12,826 | -16,862 | -10,114 | 364 | 2,084 |
| Turnover & efficiency | |||||||
| Inventory Turnover | 0.08x | 1.13x | 0.09x | 1.99x | N/A | N/A | N/A |
| Days Inventory Outstanding (DIO) | 4631.3 | 321.9 | 3922.5 | 183.6 | N/A | N/A | N/A |
| Receivables Turnover | 27.02x | 247.92x | 7.10x | 6767.71x | 3.50x | 0.43x | 0.70x |
| Days Sales Outstanding (DSO) | 13.5 | 1.5 | 51.4 | 0.1 | 104.4 | 845.2 | 520.9 |
| Payables Turnover | 12.16x | 84.75x | 27.39x | 68.07x | 26.69x | 4.38x | 55.25x |
| Days Payable Outstanding (DPO) | 30.0 | 4.3 | 13.3 | 5.4 | 13.7 | 83.3 | 6.6 |
| Cash Conversion Cycle | 4614.8 days | 319.1 days | 3960.6 days | 178.3 days | 90.7 days | 761.9 days | 514.3 days |
| Asset Turnover | 0.09x | 0.68x | 0.13x | 0.93x | 0.22x | 0.03x | 0.10x |
| Cash flow & dividends | |||||||
| Operating Cash Flow | -3,832 | 15,852 | -4,364 | 36,415 | -4,406 | -4,437 | -1,211 |
| Free Cash Flow (OCF − Capex proxy) | -3,832 | 15,153 | -4,528 | 36,251 | -4,406 | -4,444 | -1,231 |
| Cash Conversion (OCF / EBITDA) | -425.3% | 156.2% | -226.8% | 183.2% | -212.9% | N/A | -419.0% |
| Dividends Declared | 0 | 0 | 0 | 0 | N/A | N/A | N/A |
| Dividend Payout Ratio | N/A | 0.0% | 0.0% | 0.0% | N/A | N/A | N/A |
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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