Georgia Capital PLC 2Q23 and 1H23 Results

Georgia Capital PLC (the “Company") has published today its financial results for the second quarter and the first half of 2023.



  • Record 2Q23 NAV per share of GEL 73.28, up 8.2% q-o-q, driven by continued growth in BoG’s value and the robust operating performance of the private portfolio companies
  • Net Capital Commitment (NCC) ratio down 2.3 ppts to 17.4% in 2Q23, resulting from the continued growth in portfolio value, and a significant increase in cash and liquid funds balances (up 16.5% in 2Q23)
  • GEL 121.7 million dividend income from the portfolio companies in 2Q23
  • Issuance of US$ 150 million bonds on the Georgian market, enhancing the financial flexibility of GCAP and securing the refinancing of the existing US$ 300 million Eurobonds, while continuing the strategically important deleveraging programme
  • From the US$ 300 million outstanding GCAP Eurobonds, US$ 283.4 million has been repurchased and cancelled to date, with the remaining US$ 16.6 million to be bought back and cancelled during 3Q23
  • Completed the buyout of the minority shareholders in Retail (Pharmacy) to increase our stake to 97.6%


The results announcement together with the supplementary financial information (excel file) are available on the Company’s website at An investor/analyst webinar, organised by the Company, will be held on 15 August 2023, at 14:00 UK / 15:00 CET / 09:00 US Eastern Time. The duration of the webinar will be 60 minutes and will consist of a 30-minute update and a 30-minute Q&A session.


Please register at the Registration link to attend the event.