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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2022 1,365 · FY2023 4,341 · FY2024 17,769 — 3-yr total 23,475
Operates in Construction — Residential & Commercial Building. Per the activity note to the FY2024 annual report, the company constructs and sells residential and non-residential buildings.
Subsidiary of Grada Development (100.0%)
| Ratio | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|
| Margins | |||||||
| Gross Margin | 58.7% | 52.4% | 57.1% | 49.3% | 41.5% | 32.8% | 55.3% |
| EBITDA Margin | 22.6% | 38.7% | -3.9% | 43.9% | 31.3% | 28.5% | -51.3% |
| EBITDAR | 1,008 | 4,545 | -103 | 13,045 | 3,325 | 5,826 | -545 |
| EBITDAR Margin | 22.6% | 38.7% | -3.9% | 43.9% | 31.3% | 28.5% | -51.3% |
| EBIT Margin | 18.7% | 38.3% | -6.8% | 43.7% | 30.7% | 28.3% | -54.7% |
| Net Profit Margin | 22.6% | 25.9% | -114.9% | 42.1% | 32.4% | 36.5% | 131.4% |
| Operating Expense % of Sales | 36.2% | 13.7% | 61.0% | 5.4% | 10.2% | 4.3% | 106.6% |
| Returns | |||||||
| Return on Assets (ROA) | 12.1% | 17.3% | -12.7% | 37.4% | 7.1% | 22.0% | 3.9% |
| Return on Equity (ROE) | 71.3% | 79.1% | -349.2% | 93.6% | 22.3% | 40.2% | 63.2% |
| ROIC [EBIT / Invested Capital] | 2789.6% | 32.5% | -1.6% | 56.3% | 12.2% | 28.4% | -27.2% |
| Leverage & debt balances | |||||||
| Debt-to-Assets | 0.0% | 56.9% | 45.0% | 29.0% | 23.8% | 5.4% | 0.0% |
| Debt-to-Equity | 0.00x | 2.60x | 12.40x | 0.73x | 0.75x | 0.10x | 0.00x |
| Debt-to-EBITDA | 0.00x | 2.20x | N/A | 0.75x | 3.49x | 0.32x | N/A |
| Equity-to-Assets | 16.9% | 21.9% | 3.6% | 39.9% | 31.8% | 54.8% | 6.1% |
| Net Debt | -1,383 | 9,993 | 10,075 | 9,677 | 11,400 | 1,796 | -70 |
| Cash & Equivalents | 1,383 | 21 | 554 | 44 | 199 | 53 | 70 |
| Total Debt | N/A | 10,014 | 10,629 | 9,721 | 11,599 | 1,849 | N/A |
| Liquidity & working capital | |||||||
| Current Ratio | 0.07x | 0.08x | 0.73x | 3.23x | 1.27x | 3.76x | 1.06x |
| Quick Ratio | 0.01x | 0.03x | 0.37x | 2.99x | 1.22x | 3.54x | 0.33x |
| Cash Ratio | 0.19x | 0.00x | 0.21x | 0.01x | 0.01x | 0.01x | 0.00x |
| Total Current Assets | 532 | 744 | 1,935 | 17,479 | 33,409 | 18,968 | 36,226 |
| Total Current Liabilities | 7,467 | 9,043 | 2,643 | 5,415 | 26,398 | 5,039 | 34,056 |
| Inventory | 482 | 484 | 963 | 1,295 | 1,323 | 1,112 | 25,123 |
| Trade Receivables | 50 | 260 | 972 | 819 | 6,920 | 11 | 10,396 |
| Trade Payables | 6,846 | 2,527 | 202 | 361 | 1,225 | 2,344 | 1,650 |
| Net Working Capital | -6,935 | -8,300 | -708 | 12,064 | 7,011 | 13,929 | 2,170 |
| Net Working Capital % of Revenue | -155.4% | -70.7% | -27.2% | 40.6% | 66.0% | 68.1% | 204.2% |
| Trade Working Capital | -6,315 | -1,783 | 1,733 | 1,753 | 7,018 | -1,221 | 33,869 |
| Trade Working Capital % of Revenue | -141.5% | -15.2% | 66.5% | 5.9% | 66.0% | -6.0% | 3186.6% |
| Change in Trade Working Capital | N/A | 4,531 | 3,516 | 20 | 5,266 | -8,239 | 35,090 |
| Turnover & efficiency | |||||||
| Inventory Turnover | 3.82x | 11.54x | 1.16x | 11.64x | 4.70x | 12.37x | 0.02x |
| Days Inventory Outstanding (DIO) | 95.6 | 31.6 | 314.5 | 31.4 | 77.7 | 29.5 | 19302.8 |
| Receivables Turnover | 89.98x | 45.18x | 2.68x | 36.32x | 1.54x | 1838.40x | 0.10x |
| Days Sales Outstanding (DSO) | 4.1 | 8.1 | 136.2 | 10.0 | 237.7 | 0.2 | 3570.0 |
| Payables Turnover | 0.27x | 2.21x | 5.53x | 41.79x | 5.07x | 5.87x | 0.29x |
| Days Payable Outstanding (DPO) | 1357.8 | 165.2 | 66.0 | 8.7 | 72.0 | 62.2 | 1267.6 |
| Cash Conversion Cycle | -1258.1 days | -125.5 days | 384.7 days | 32.7 days | 243.4 days | -32.5 days | 21605.2 days |
| Asset Turnover | 0.53x | 0.67x | 0.11x | 0.89x | 0.22x | 0.60x | 0.03x |
| Cash flow & dividends | |||||||
| Operating Cash Flow | N/A | -3,761 | 2,576 | 343 | -1,096 | 10,591 | 18,654 |
| Free Cash Flow (OCF − Capex proxy) | N/A | -4,953 | 1,611 | -867 | -2,322 | 13,075 | 19,642 |
| Cash Conversion (OCF / EBITDA) | N/A | -82.7% | N/A | 2.6% | -33.0% | 181.8% | N/A |
| Dividends Declared | 0 | 608 | 0 | 0 | 1,365 | 4,341 | 17,769 |
| Dividend Payout Ratio | 0.0% | 20.0% | N/A | 0.0% | 39.6% | 58.2% | 1271.9% |
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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