Ratio	2018	2019	2020	2021	2022	2023	2024
Margins
Gross Margin	33.6%	34.2%	30.0%	22.3%	31.1%	35.2%	34.8%
EBITDA Margin	28.6%	29.5%	24.9%	19.7%	26.7%	30.6%	31.2%
EBITDAR	1,094	1,233	871	1,355	1,491	1,916	2,168
EBITDAR Margin	28.6%	29.5%	24.9%	19.7%	26.7%	30.7%	31.3%
EBIT Margin	28.3%	29.4%	24.7%	19.6%	26.6%	30.4%	31.1%
Net Profit Margin	26.9%	25.7%	22.8%	17.9%	25.2%	29.0%	29.4%
Operating Expense % of Sales	5.1%	4.7%	5.1%	2.6%	4.4%	4.6%	3.6%
Returns
Return on Assets (ROA)	34.7%	35.4%	24.6%	30.3%	27.5%	28.3%	24.8%
Return on Equity (ROE)	50.6%	40.5%	24.8%	30.9%	27.8%	28.4%	25.7%
ROIC [EBIT / Invested Capital]	60.1%	51.7%	38.8%	48.6%	39.2%	42.2%	34.6%
Leverage & debt balances
Debt-to-Assets	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	2.8%
Debt-to-Equity	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.03x
Debt-to-EBITDA	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.11x
Equity-to-Assets	68.6%	87.4%	99.2%	98.3%	98.7%	99.6%	96.5%
Net Debt	-233	-286	-979	-1,229	-1,267	-1,872	-1,695
Cash & Equivalents	233	286	979	1,229	1,267	1,872	1,927
Total Debt	N/A	N/A	N/A	N/A	N/A	N/A	232
Liquidity & working capital
Current Ratio	N/A	N/A	N/A	N/A	67.04x	249.05x	47.49x
Quick Ratio	N/A	N/A	N/A	N/A	67.04x	249.05x	47.49x
Cash Ratio	N/A	N/A	N/A	N/A	18.98x	80.89x	13.67x
Total Current Assets	2,831	2,902	3,064	3,910	4,477	5,764	6,692
Total Current Liabilities	N/A	N/A	N/A	N/A	67	23	141
Inventory	N/A	829	683	747	N/A	N/A	N/A
Trade Receivables	1,976	1,766	1,387	1,917	1,717	2,822	3,472
Trade Payables	687	379	18	60	57	9	21
Net Working Capital	2,831	2,902	3,064	3,910	4,411	5,741	6,551
Net Working Capital % of Revenue	73.9%	69.5%	87.7%	56.8%	79.1%	92.1%	94.6%
Trade Working Capital	1,289	2,216	2,052	2,603	1,659	2,813	3,451
Trade Working Capital % of Revenue	33.6%	53.1%	58.7%	37.8%	29.8%	45.1%	49.8%
Change in Trade Working Capital	N/A	927	-164	552	-944	1,154	638
Turnover & efficiency
Inventory Turnover	N/A	3.31x	3.58x	7.16x	N/A	N/A	N/A
Days Inventory Outstanding (DIO)	N/A	110.1	101.9	51.0	N/A	N/A	N/A
Receivables Turnover	1.94x	2.36x	2.52x	3.59x	3.25x	2.21x	1.99x
Days Sales Outstanding (DSO)	188.2	154.4	145.0	101.7	112.4	165.2	183.0
Payables Turnover	3.70x	7.25x	134.34x	88.94x	66.99x	445.56x	213.60x
Days Payable Outstanding (DPO)	98.6	50.3	2.7	4.1	5.4	0.8	1.7
Cash Conversion Cycle	89.6 days	214.3 days	244.2 days	148.5 days	106.9 days	164.3 days	181.3 days
Asset Turnover	1.29x	1.37x	1.08x	1.69x	1.09x	0.97x	0.85x
Cash flow & dividends
Operating Cash Flow	N/A	53	693	250	39	605	55
Free Cash Flow (OCF − Capex proxy)	N/A	53	693	250	39	605	55
Cash Conversion (OCF / EBITDA)	N/A	4.3%	79.5%	18.4%	2.6%	31.7%	2.6%
Dividends Declared	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividend Payout Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Money rows — EBITDAR, net debt, cash, total debt, operating and free cash flow, dividends declared — are in ₾ '000. Margins, returns and payout are percentages; turnover and leverage are multiples; DIO/DSO/DPO are days. Hover a metric name for its definition.

Ownership & group structure

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.

companyinfo.ge · fetched 2026-07-15