Georgia Capital announces strong performance in FY23 with a 20% increase in its NAV

Georgia Capital (GCAP) has revealed outstanding performance for the financial year 2023, recording a total return on net asset value (NAV TR) of 26.5% in Georgian lari (GEL), equivalent to 20.4% in British pounds. For the fourth quarter of 2023 (Q4 23), NAV TR reached 7.7% in GEL and 3.4% in sterling. The significant rise in the stock price of the Bank of Georgia (BoG) was a major contributor to this performance, contributing approximately 5.1% and 19.5% to the opening NAV value of GCAP for Q423 and the full year, respectively.

Positive revaluations of all major private investments and those in the investment phase also supported this growth, with the exception of the healthcare sector. The company's advantageous acquisitions, amounting to USD 8.3 million, added an additional 0.9 percentage point to the NAV TR of Q423.

Despite an approximately 50% appreciation in GCAP's stock price over the past 12 months, they still trade at a discount of around 52% to NAV, after adjusting for the change in BoG's stock price post balance sheet closure.