Georgia Capital Reports 15.7% NAV Growth in 2024 Final Results
Why we think this is good
Georgia Capital has demonstrated robust performance across its portfolio, with a significant 15.7% increase in NAV per share for the full year 2024. The company successfully disposed of its beer and distribution business, strengthening its liquidity position. The Net Capital Commitment ratio improved to 12.8%, reflecting prudent financial management. While some portfolio companies faced challenges, the overall performance and strategic moves position the company well for future growth. The continued share buyback program also signals confidence in the company's valuation.
Key Points
- NAV per share increased by 15.7% to GEL 95.95 in 2024
- Net Capital Commitment ratio improved to 12.8% from 15.6% in 2023
- Successful disposal of 80% stake in beer and distribution business for c.US$ 63 million
- Private portfolio companies' aggregated revenue up 8.9% and EBITDA up 25.0% year-on-year
- Total dividend income of GEL 201.8 million received in 2024
- 3.8 million shares repurchased for GEL 136.5 million in 2024
- Lion Finance Group (formerly Bank of Georgia) share price up 28.2% in Q4 2024
Summary
Georgia Capital's 2024 final results showcase a 15.7% increase in NAV per share to GEL 95.95, reflecting robust performance across its portfolio. The company successfully disposed of its beer and distribution business, receiving net proceeds of c.US$ 63 million. This strategic move, coupled with strong operating results, led to a significant improvement in the Net Capital Commitment ratio to 12.8%. The private portfolio companies demonstrated excellent performance, with aggregated revenue up 8.9% and EBITDA growth of 25.0% year-on-year. Despite some challenges in specific sectors and ongoing regional uncertainties, the company's diversified portfolio and strategic management have positioned it well for continued growth. The ongoing share buyback program further underscores management's confidence in the company's valuation and future prospects.