Tbilisi (GBC) - During 2024, Georgia Capital collected GEL 201.8 million in dividends, including one-off dividends of GEL 22.6 million (2023: GEL 235.9 million, which included GEL 56.1 million of one-off dividends).
Excluding the one-off dividends, GEL 122.2 million was received from Lion Finance Group, reflecting a combination of regular cash dividends and our participation in their share buybacks, GEL 25.4 million from our insurance businesses, GEL 10.0 million from retail (pharmacy), and GEL 21.5 million from renewable energy and other businesses. Looking forward to 2025, we currently anticipate receiving in excess of GEL 180 million in regular dividends from our portfolio companies.
A one-off dividend of GEL 22.6 million from Lion Finance Group, represents the advanced participation in their share buyback programme, which decreased our stake in Lion Finance Group to 19.23% as at 31 December 2024 (31 December 2023: 19.71%). GCAP’s targeted holding level in the Group remains at 19.5%.
However, according to GCAP CEO Irakli Gilauri, GCAP’s target controlling stake in BOGG remains unchanged at 19.5%.
In addition, GCAP received GEL 25.4 million in dividends from insurance businesses, GEL 10 million from retail (pharmacies), GEL 21.5 million from renewable energy and other businesses.
According to Gilauri, in the 2025 perspective, the group expects to receive more than GEL 180 million in regular dividends from its portfolio companies.
In total, GCAP received GEL202 million in dividends, -14.5% y.y, including GEL 179 million in regular (-0.4% y.y), and GEL 23 million in one-time (-59.7% y.y).
Details of GEL 179.2 million regular dividend in 2024 (in million lari)
GCAP’s Portfolio |
2024 |
2023 |
Lion Finance Group |
122.2 |
124.5 |
Cash Dividends |
72.2 |
80.5 |
Buyback dividends |
50 |
44 |
Insurance |
25.4 |
19.9 |
Renewable energy |
12.3 |
5.2 |
Pharmacy (retail) |
10 |
24.2 |
Beer Business |
8.3 |
- |
Auto Service |
1 |
- |
Hospitals |
- |
6 |
Total |
179.2 |
179.8 |