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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2021 0 · FY2022 316 · FY2023 13,463 — 3-yr total 13,779
Real estate developer in Georgia, part of the Arci brand.
Subsidiary of Shezghuduli Pasukhismgeblobis Sazogadoeba Arki Investments (80.0%)
| Ratio | 2018 | 2019 | 2020 | 2022 | 2023 |
|---|---|---|---|---|---|
| Margins | |||||
| Gross Margin | 56.2% | 36.0% | 38.6% | 51.1% | 51.6% |
| EBITDA Margin | 45.7% | -2.7% | 29.7% | 45.6% | 47.6% |
| EBITDAR | 6,738 | -267 | 7,631 | 41,875 | 28,952 |
| EBITDAR Margin | 45.7% | -2.7% | 29.7% | 45.6% | 47.6% |
| EBIT Margin | 45.6% | -2.7% | 29.7% | 45.6% | 47.6% |
| Net Profit Margin | 46.5% | 6.1% | 37.5% | 49.1% | 62.2% |
| Operating Expense % of Sales | 10.6% | 47.4% | 12.7% | 5.7% | 4.2% |
| Returns | |||||
| Return on Assets (ROA) | 17.2% | 0.9% | 9.1% | 35.1% | 29.3% |
| Return on Equity (ROE) | 176.3% | 59.4% | N/A | 144.2% | 68.0% |
| ROIC [EBIT / Invested Capital] | N/A | -17.3% | N/A | 94.7% | 33.4% |
| Leverage & debt balances | |||||
| Debt-to-Assets | 0.3% | 8.6% | 2.6% | 10.5% | 24.1% |
| Debt-to-Equity | 0.03x | 5.68x | -0.82x | 0.43x | 0.56x |
| Debt-to-EBITDA | 0.02x | N/A | 0.37x | 0.32x | 1.08x |
| Equity-to-Assets | 9.8% | 1.5% | -3.2% | 24.4% | 43.1% |
| Net Debt | -6,407 | 509 | -3,879 | 12,920 | 31,116 |
| Cash & Equivalents | 6,518 | 5,360 | 6,689 | 570 | 63 |
| Total Debt | 111 | 5,869 | 2,810 | 13,490 | 31,179 |
| Liquidity & working capital | |||||
| Current Ratio | 1.28x | 1.87x | 1.81x | 1.74x | 2.50x |
| Quick Ratio | 0.28x | 0.25x | 0.29x | 1.34x | 2.22x |
| Cash Ratio | 0.26x | 0.21x | 0.18x | 0.01x | 0.00x |
| Total Current Assets | 31,585 | 48,244 | 66,253 | 183,462 | 158,054 |
| Total Current Liabilities | 24,659 | 25,751 | 36,625 | 105,520 | 63,291 |
| Inventory | 24,752 | 41,886 | 55,507 | 42,558 | 17,718 |
| Trade Receivables | N/A | N/A | N/A | 174 | 145 |
| Trade Payables | 10,446 | 11,558 | 19,981 | 3,974 | 2,410 |
| Net Working Capital | 6,926 | 22,493 | 29,628 | 77,942 | 94,763 |
| Net Working Capital % of Revenue | 46.9% | 223.9% | 115.3% | 84.8% | 155.8% |
| Trade Working Capital | 14,306 | 30,328 | 35,526 | 38,758 | 15,453 |
| Trade Working Capital % of Revenue | 96.9% | 302.0% | 138.2% | 42.2% | 25.4% |
| Change in Trade Working Capital | N/A | 16,022 | 5,198 | N/A | -23,305 |
| Turnover & efficiency | |||||
| Inventory Turnover | 0.26x | 0.15x | 0.28x | 1.06x | 1.66x |
| Days Inventory Outstanding (DIO) | 1397.6 | 2377.7 | 1283.9 | 345.5 | 219.6 |
| Receivables Turnover | N/A | N/A | N/A | 528.11x | 419.54x |
| Days Sales Outstanding (DSO) | N/A | N/A | N/A | 0.7 | 0.9 |
| Payables Turnover | 0.62x | 0.56x | 0.79x | 11.31x | 12.22x |
| Days Payable Outstanding (DPO) | 589.8 | 656.1 | 462.2 | 32.3 | 29.9 |
| Cash Conversion Cycle | 807.8 days | 1721.6 days | 821.7 days | 314.0 days | 190.6 days |
| Asset Turnover | 0.37x | 0.15x | 0.24x | 0.72x | 0.47x |
| Cash flow & dividends | |||||
| Operating Cash Flow | N/A | 9,793 | 37,796 | 27,210 | 11,242 |
| Free Cash Flow (OCF − Capex proxy) | N/A | 7,793 | 38,258 | 4,781 | -3,777 |
| Cash Conversion (OCF / EBITDA) | N/A | N/A | 495.3% | 65.0% | 38.8% |
| Dividends Declared | 0 | 3,476 | 14,093 | 316 | 13,463 |
| Dividend Payout Ratio | 0.0% | 566.1% | 146.3% | 0.7% | 35.6% |
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.
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Ownership & directors from companyinfo.ge (public corporate registry).
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