"Madart" has almost 5 times higher revenue than "Assorti", "Bela" and "Tortini" - what are the financial results of the confectioneries?

The organization Finspot published the financial results of confectioneries and bakeries of 6 companies (OOO "Arbo 2009" (Madart); OOO "FOOD 7" (Tortini ); OOO "Assorti-Vere" (Assorti); OOO "Kondi" ( Patisserie Bela), OOO "Dolce Vita" ("Dolce Vita 88"), OOO "Gurmet" (Gourmet).

The companies involve the production and sale of confectionery products through their own chain stores.

"Madart" is the undisputed leader of the confectionery market, other confectionery chains are significantly smaller than their major competitor. Most of the companies presented have fairly good profitability indicators: - the operating profitability of the companies is 13% in the weighted average, the return on assets (ROAA) is 27%.

In recent years, all companies except Assorti have had sufficient cash flow to pay dividends.

Madart is the most profitable and, at the same time, one of the fastest growing and most liquid confectioneries in Georgia. In 2023, the company's revenue amounted to 55 million GEL that is 2 or more times higher than the 2019 turnover.

The other 5 companies have a relatively small turnover, although the growth rate is quite high as well. "Tortini", "Assorti" and the confectionery "Bela" have an annual turnover of GEL11-13 million, Dolce Vita "Dolce Vita 88" - GEL 7 million, and Gourmet - up to GEL 6 million.

"Tortini" has the fastest revenue growth rate mainly due to the opening of new branches.

Most companies have low debt. Accordingly, companies can pay dividends amid high profitability and low debt burden. Dividends paid by companies in 2019-2023, in total: Madart: 9.4 million GEL; Tortini : 3.4 million GEL; Assorti : 0 ₾;

Confectionery Bela: 2.5 million GEL; Dolce Vita “Dolce Vita 88”: 1.0 million GEL (including 0.5 million GEL issued in 2024); Gourmet: 0.3 million GEL”, Finspot report reads.