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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2022 6,516 · FY2023 1,778 · FY2024 726 — 3-yr total 9,020
Operates in Logistics & Transport — Warehousing & Distribution. Per the activity note to the FY2024 annual report, the group provides freight-forwarding services connected with the movement of cargo by rail inside and outside Georgia.
Group parent — controls 1 company · ownership
| Ratio | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Margins | |||||
| Gross Margin | 22.8% | 22.6% | 26.7% | 24.8% | 30.9% |
| EBITDA Margin | 20.7% | 21.3% | 25.5% | 22.1% | 25.9% |
| EBITDAR | 675 | 3,471 | 16,416 | 11,198 | 17,895 |
| EBITDAR Margin | 20.7% | 21.5% | 25.5% | 22.1% | 25.9% |
| EBIT Margin | 20.7% | 21.3% | 25.5% | 22.1% | 25.9% |
| Net Profit Margin | 20.6% | 20.2% | 23.7% | 21.0% | 24.4% |
| Operating Expense % of Sales | 2.1% | 1.2% | 1.2% | 2.7% | 5.1% |
| Returns | |||||
| Return on Assets (ROA) | 50.2% | 209.1% | 78.1% | 31.8% | 26.0% |
| Return on Equity (ROE) | 479.0% | 1398.0% | 178.9% | 59.5% | 49.6% |
| ROIC [EBIT / Invested Capital] | N/A | N/A | 200.1% | 50.2% | 63.7% |
| Leverage & debt balances | |||||
| Debt-to-Assets | 0.0% | 0.0% | 0.4% | 26.0% | 24.3% |
| Debt-to-Equity | 0.00x | 0.00x | 0.01x | 0.49x | 0.46x |
| Debt-to-EBITDA | 0.00x | 0.00x | 0.00x | 0.78x | 0.88x |
| Equity-to-Assets | 10.5% | 15.0% | 43.7% | 53.5% | 52.5% |
| Net Debt | -179 | -1,101 | -326 | 4,427 | -5,985 |
| Cash & Equivalents | 179 | 1,101 | 398 | 4,284 | 21,736 |
| Total Debt | N/A | N/A | 72 | 8,711 | 15,751 |
| Liquidity & working capital | |||||
| Current Ratio | 1.12x | 1.16x | 1.72x | 2.40x | 1.71x |
| Quick Ratio | 1.12x | 1.16x | 1.72x | 2.40x | 1.71x |
| Cash Ratio | 0.15x | 0.83x | 0.04x | 0.54x | 0.91x |
| Total Current Assets | 1,332 | 1,540 | 18,758 | 18,990 | 40,749 |
| Total Current Liabilities | 1,195 | 1,325 | 10,916 | 7,911 | 23,769 |
| Inventory | N/A | N/A | N/A | 21 | 75 |
| Trade Receivables | 1,153 | 436 | 18,109 | 14,255 | 18,748 |
| Trade Payables | 1,167 | 1,260 | 8,827 | 6,351 | 14,720 |
| Net Working Capital | 137 | 215 | 7,842 | 11,079 | 16,980 |
| Net Working Capital % of Revenue | 4.2% | 1.3% | 12.2% | 21.9% | 24.5% |
| Trade Working Capital | -14 | -824 | 9,282 | 7,925 | 4,103 |
| Trade Working Capital % of Revenue | -0.4% | -5.1% | 14.4% | 15.6% | 5.9% |
| Change in Trade Working Capital | N/A | -810 | 10,106 | -1,357 | -3,822 |
| Turnover & efficiency | |||||
| Inventory Turnover | N/A | N/A | N/A | 1812.67x | 637.12x |
| Days Inventory Outstanding (DIO) | N/A | N/A | N/A | 0.2 | 0.6 |
| Receivables Turnover | 2.82x | 37.04x | 3.55x | 3.55x | 3.69x |
| Days Sales Outstanding (DSO) | 129.3 | 9.9 | 102.7 | 102.7 | 98.9 |
| Payables Turnover | 2.15x | 9.92x | 5.34x | 5.99x | 3.25x |
| Days Payable Outstanding (DPO) | 169.7 | 36.8 | 68.3 | 60.9 | 112.4 |
| Cash Conversion Cycle | -40.4 days | -26.9 days | 34.4 days | 42.0 days | -12.9 days |
| Asset Turnover | 2.44x | 10.37x | 3.29x | 1.51x | 1.07x |
| Cash flow & dividends | |||||
| Operating Cash Flow | 604 | 3,452 | 6,496 | 8,690 | 22,862 |
| Free Cash Flow (OCF − Capex proxy) | 602 | 3,431 | 5,915 | -4,127 | 11,433 |
| Cash Conversion (OCF / EBITDA) | 89.5% | 100.1% | 39.6% | 77.6% | 127.8% |
| Dividends Declared | N/A | 0 | 6,516 | 1,778 | 726 |
| Dividend Payout Ratio | N/A | 0.0% | 42.7% | 16.7% | 4.3% |
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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