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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
Georgian airline based in Tbilisi operating scheduled and charter passenger services.
Subsidiary of Flus Aviation Investment Co (100.0%)
| Line item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | CAGR |
|---|---|---|---|---|---|---|---|---|
| 14,196 | 42,377 | 28,753 | 51,954 | 60,731 | 16,418 | 64,850 | +28.8% | |
| Total COGS | 19,091 | 18,251 | 8,721 | 16,093 | 23,106 | 13,893 | 41,823 | +14.0% |
| Gross Profit | 4,895 | 24,127 | 20,031 | 35,861 | 37,625 | 2,525 | 23,027 | nmf |
| Gross Margin | 34.5% | 56.9% | 69.7% | 69.0% | 62.0% | 15.4% | 35.5% | |
| 12,163 | 15,840 | 24,600 | 13,564 | 17,224 | 8,231 | 12,327 | +0.2% | |
| EBITDA | 17,058 | 8,287 | 4,569 | 22,298 | 20,401 | 5,707 | 10,700 | nmf |
| EBITDA Margin | 120.2% | 19.6% | 15.9% | 42.9% | 33.6% | 34.8% | 16.5% | |
| Total D&A | 10,278 | 9,087 | 9,113 | 9,117 | 13,187 | 8,767 | 7,479 | -5.2% |
| EBIT / Operating Income | 27,335 | 801 | 13,681 | 13,180 | 7,215 | 14,474 | 3,220 | nmf |
| Total Interest Income | 91 | 118 | 70 | 10 | 105 | 0 | 0 | +3.6% |
| Total Interest Expense | 8,756 | 9,483 | 9,810 | 4,735 | 3,441 | 3,143 | 1,231 | -27.9% |
| 4,863 | 7,470 | 14,976 | 2,355 | 21,456 | 1,140 | 4,943 | nmf | |
| Profit Before Tax | 40,864 | 17,636 | 38,397 | 10,810 | 25,335 | 16,477 | 6,932 | nmf |
| Total Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Net Profit / (Loss) | 40,875 | 17,648 | 38,461 | 10,796 | 25,330 | 16,477 | 6,932 | nmf |
| Net Margin | 287.9% | 41.6% | 133.8% | 20.8% | 41.7% | 100.4% | 10.7% |
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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