Georgia Capital PLC 3Q23 and 9M23 Results

Georgia Capital PLC (the “Company") has published today its financial results for the third quarter and nine months of 2023.



  • NAV per share (GEL) up 5.1% q-o-q to GEL 76.99, supported by BoG’s outstanding performance and share price growth
  • NCC ratio improved by 1.5 ppts q-o-q to 15.9% as at 30-Sep-23 (8.5 ppts improvement y-o-y), resulting from a significant decrease in net debt, strong cash generation and continued growth in portfolio value
  • Upgrade in GCAP’s corporate credit rating from “B+” to “BB-” by S&P, reflecting strong progress on deleveraging
  • GEL 53.7 million dividend income (of which, recurring GEL 47.1 million) from the portfolio companies in 3Q23, driving 9M23 total dividend income to GEL 201.7 million (of which, recurring GEL 145.7 million)
  • Commencement of a new US$ 15 million share buyback and cancellation program, in line with our capital allocation framework


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 31 October 2023, at 13:00 UK / 14:00 CET / 08:00 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.