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| GEL thousands | 2019 | 2020 | 2021 | 2022 | 2023 | 2024¹ | 2025 |
|---|---|---|---|---|---|---|---|
| P&L Items | |||||||
| Revenue | Register | Register | Register | Register | Register | 20,192 | Register |
| Adj. Operating Profit² | Register | Register | Register | Register | Register | 11,076 | Register |
| Adj. EBITDA² | Register | Register | Register | Register | Register | 13,451 | Register |
| Net Income | Register | Register | Register | Register | Register | 3,930 | Register |
| Margins & Profitability Ratios (%) | |||||||
| Adj. Operating Profit Margin² | Register | Register | Register | Register | Register | 54.9% | Register |
| Adj. EBITDA Margin² | Register | Register | Register | Register | Register | 66.6% | Register |
| Net Income Margin | Register | Register | Register | Register | Register | 19.5% | Register |
| Balance Sheet Items & Leverage | |||||||
| Total Assets | Register | Register | Register | Register | Register | 203,923 | Register |
| Total Debt³ | Register | Register | Register | Register | Register | 102,067 | Register |
| Total Debt³ / Adj. EBITDA² | Register | Register | Register | Register | Register | 7.59x | Register |
| Total Equity | Register | Register | Register | Register | Register | 97,477 | Register |
¹ FY24 is not directly comparable: the mall's operations were transferred under common control from Rakeen Uptown Development to Tbilisi Mall Holding on 1 June 2024, so FY24 reflects about 7 months of operations versus a full year in FY23 and FY25. From FY24 the mall is also carried at cost and depreciated (₾2.1M in FY24, ₾3.6M in FY25) instead of at fair value with no depreciation. EBITDA is comparable across the change; operating profit and net profit are not.
² Adj. Operating Profit has been adjusted to exclude non-recurring and one-time items. Adj. EBITDA is calculated by adding back D&A expenses to the adjusted operating profit.
³ Total debt includes lease liabilities, where applicable.